Big Data Analysis and Its Role in Supporting Financial Decision-Making at the Central Bank of Libya – A Theoretical Exploratory Study

Abstract

This study stems from the efforts undertaken by the Central Bank of Libya in its journey towards digital transformation, and the accompanying huge and diverse amount of data, the processing and analysis of which provides promising opportunities and new horizons. Therefore, this study examines how to exploit the huge data generated and employ it in the financial decision-making process in the Central Bank of Libya as it is a sovereign institution with decisions that influence economic and financial activity. By extrapolating the available literature in this field, which emphasizes the strategic importance of big data analysis and its effective role in making rational financial decisions. Despite the abundance of literature that deals with the topic of big data, studies in this field in the Libyan environment are still limited. Therefore, this study came to provide a forward-looking vision that supports the Central Bank in adopting a data-based decision methodology, by providing procedural recommendations that enhance the Central Bank’s ability to overcome the challenges that prevent it from adopting big data analysis technology, represented by infrastructure. Modest digital numbers, unqualified staff, and weak administrative and technical support from senior management.