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(ANSAmed) - TRIPOLI, JUNE 26 - Libyan financial authorities plan to sell two main banks to local investors, having decided to bar foreigners from buying bank stakes for at least three years, Libyàs Central Bank's research and statistics chief said. "We are upgrading and developing the state-owned National Commercial Bank before it is privatised alongside Al Joumhouriya Bank next year," Ali Ramadan Shnebesh said as reported by Tripoli Post. Al Joumhouriya (Republic), Libyàs biggest state-owned bank in terms of assets, was been merged with Oumma (Nation), the fifth-largest state-owned bank, to form a single bank with combined assets of USD 6.5 billion. "The National Commercial Bank and Al Joumhouriya will be privatised through the Libyan financial market. All Libyans are entitled to buy shares of the two banks," he added. Libya sold 19 percent stakes in two banks to two foreign banks last year and early this year. Financial authorities are now observing a pause in more privatisation to foreign banks to absorb their first experience with the presence of foreign banks in the country in more than three decades. "We will study the experience of these foreign banks and their contribution in improving access to modern banking services. If the experience is successful we will increase the (foreign) shareholding of the two banks to 51 percent from the 19 percent they hold, in three years or more," Shnebesh said. He said the country's priority was to strengthen the domestic banking system to prepare banks for competition with foreign banks at home and abroad. Libyàs banks are financially healthy, with the average ratio of risky loans to bank capital at 15.8 percent. "The financial situation of the Libyan banks is good. Their capital is strong enough to cover any bad or risky loans," Shnebesh added. Libya has 19 banks, including four devoted to specific banking services like Rural Bank which focuses on microcredit, or Savings and Real Estate Investment Bank specialising in banking services for real estate and housing, he said.