In a statement issued on March 19th, the Transitional National Council announced it had designated the Central Bank of Benghazi "as a monetary authority competent in monetary policies in Libya" and appointed Ahmed el-Sharif as governor. The opposition also established the Libyan Oil Company, which, like the Central Bank, will be "based temporarily in Benghazi".

The independence of the two institutions from the Central Bank of Libya and the National Oil Corporation (NOC) in Tripoli should enable the opposition to circumvent the international sanctions imposed on the Qadhafi regime. On March 22nd OFAC identified 14 entities owned by the NOC that are subject to sanctions:

• Arabian Gulf Oil Company (AGOCO);
• Azzawiya Oil Refining Company;
• Brega Petroleum Marketing Company;
• Harouge Oil Operations (Veba Oil);
• Jamahiriya Oil Well Fluids and Equipment (Jowfe Oil);
• Mediterranean Oil Services Company;
• Mediterranean Oil Services Gmbh;
• National Oil Fields and Terminals Catering Company;
• North African Geophysical Exploration Company;
• National Oil Wells Drilling and Workover Company;
• Ras Lanuf Oil and Gas Processing Company;
• Sirte Oil Company;
• Zueitina Oil Company; and
• Waha Oil Company.

However, OFAC also said that should NOC "subsidiaries or facilities come under different ownership and control", the Treasury Department would consider" authorising dealings" with them.

The NOC and the Central Bank of Libya remain under EU and UN sanctions. In early April the Qadhafi government appointed Mohammed al-Zarroug Rajab as the new governor of the Central Bank, replacing Abdel-Hafez Zleitni, who held the position briefly following Farhat Bengdara's defection.