The currency is pegged to the IMF's special drawing rights (SDR), which restricts monetary policy flexibility. It appears that lower oil revenue and a freeze on the assets of the Qadhafi regime have already negatively affected liquidity. In mid-March the government ordered banks to begin recirculating old currency. As one of very few state institutions in Libya with significant independence and decision-making power, the Central Bank of Libya will play an important role in shaping economic development in the post-conflict era. The apparent defection of the former governor, Farhat Bengdara, has weakened the institution. He was replaced in the interim by Abdel-Hafez Zleitni, a technocrat who served in a number of senior roles, including as finance and planning minister, under the Qadhafi regime. In early April Mohammed al-Zarroug Rajab was appointed as the new governor. Mr Rajab is a former governor of the Central Bank and a former chairman of the Libyan Arab Foreign Investment Company.