Farhat Bengdara served as governor of the Central Bank of Libya from March 2006 until February 2011, when he defected to the opposition. He has been acting as an advisor to the interim government – the National Transitional Council – since February 25, but is adamant that he will not resume his former role unless the government is democratically elected.
Libya began shedding its pariah status in 2003, after the UN lifted decade-long sanctions against the country. Since then, Libya has become increasingly vocal about its plans to liberalise its economy. In 2006 it began implementing a comprehensive reform programme, which resulted in positive economic growth of 4.2% in 2010, according to the International Monetary Fund.
