TUNIS: The Central Bank of Libya board will hold a formal meeting for the first time in five years on Wednesday to tackle unifying the country's exchange rate, the UN acting envoy said on Tuesday.

The bank has been split for years between rival branches in east and west, with different currency exchange rates in place, following the country's own division between warring factions.

Though the board held a preliminary virtual meeting earlier this month, Wednesday's session will represent its first formal meeting in five years, envoy Stephanie Williams said.

The United Nations has long urged the reunification of Libya's divided economic institutions as part of efforts to resolve political strife in the major energy producer, as well as the unification of the different exchange rates.

Libyan banks have suffered a significant liquidity shortage in recent years.