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,

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.

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-based parliament agreed on Monday to approve the nomination of Naji Mohamed Issa Belqasem as governor of the central bank, in a move that could help end a crisis which has slashed the country's oil output.