UN agrees to unfreeze Libyan funds held in UK

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UN agrees to unfreeze Libyan funds held in UK

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The United Nations has agreed to unfreeze Libyan currency held in the UK.

31 August,2011 05:28 am

The United Nations has agreed to unfreeze nearly 1 billion pounds (about $1.6 billion) worth of Libyan currency held in the UK.The newly printed Libyan Dinar notes were being held in Britain under sanctions imposed on Moammar Gaddafis regime by the UN Security Council.Britains Foreign Secretary William Hague praised the decision of the council committee monitoring sanctions against Libya as another major step forward in getting necessary assistance to the Libyan people.He says unfreezing the Libyan assets will help address urgent humanitarian needs, instill confidence in the banking sector, pay salaries of key public sector workers and free up liquidity in the economy.