The governor of the Central Bank of Libya (CBL) Al-Siddiq Al-Kabeer said in a letter to the Head of the Presidential Council, Fayez Al-Sirraj, on Thursday that the mechanism of opening letters of credit for importing livestock for Eid Al-Adha this year is inappropriate as very short time is left.
Al-Kabeer said that the letters cannot be granted the implemented in the time span left before Eid Al-Adha, adding that this casts doubt on whether the livestock would come on time or not.
“The aim for which such a foreign currency amount was allocated would not be materialized in the 22 days left for Eid Al-Adha, even if they were done by documentary letters of credit.” Al-Kabeer explained.
Al-Sirraj issued an order to import cattle for Eid Al-Adha in the last few days through opening new letters of credit in foreign currencies.
Livestock (Eid Al-Adha sacrifice) prices have jumped high this year reaching over 1000 Libyan dinars per sheep amid lack of cash at the banks, not to mention smuggling of the cattle to neighboring countries using the difference in currency exchange rates.
