Al-Fallah: businesspersons are not to blame for cash drama in commercial banks

Al-Fallah: businesspersons are not to blame for cash drama in commercial banks

April 04, 2016 - 22:33
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Written By: AbdulkaderAssad

The Chairman of the Libyan Businessmen Council, Abdullah Al-Fallah, refuted, in a Monday statement, the allegations about withdrawing cash from banks and causing complexities in the flow of cash.

“The LYD24 billion that the Central Bank of Libya talked about are merely deposits of citizens, who were the victims of incorrect handling of the crisis and thus they lost faith in banks, so they preferred to keep their money outside of banks causing a severe cash crisis.” Al-Fallah added.

He said that this cash crisis must be solved by the government and the CBL, which are deeply affected by corruption, pointing out that the businesspersons are the most harmed by this crisis as their business has almost entirely stopped.

“The last decision by the CBL that obliged traders to cover the value of the letters of credit in full by cash has caused confusion amid businesspersons-owned institutions, so they were obliged to keep their cash money for that reason.” He explained.

Al-Fallah also indicated that Libyan businesspersons were and still are victims of some policies that have for long damaged Libya’s economy, and the media attack on them is a living proof for that, he added.

Since February, Libya’s commercial banks have been going into a gradually ascending cash crisis, which pushed the citizens to crowd every day in front of those banks’ doors harboring inside their hearts great anger and dissatisfaction.