Libya’s eastern-based parliament agreed on Monday to approve the nomination of Naji Mohamed Issa Belqasem as the new governor of the central bank, part of efforts to end a crisis which has slashed the country's oil output.

Libya’s eastern-based parliament approved a new central bank governor, ending a standoff over control of the OPEC member’s vast energy revenue and setting the stage for a full resumption of oil output.

A standoff over control of the bank had destabilized the country’s economy and raised the prospect of fresh fighting between Libya’s eastern and western factions.

Representatives of Libya's rival eastern and western legislative bodies, in‮ ‬talks facilitated by the United Nations, signed an agreement on Thursday to end a crisis over leadership of the central bank,

Libyan factions agreed to appoint a new central bank governor, paving the way for a resolution to a row that’s slashed the OPEC nation’s oil output.

Libya’s eastern parliament on Monday agreed to appoint Naji Mohamed Issa Belqasem as the new central bank governor after the former governor, Sadiq al-Kabir, was fired last month by the presidential council in the capital,