The Central Bank of Libya (CBL) held a meeting with the banks control administration as well as the managers of the commercial banks on last Thursday, when the CBL discussed the processes of opening of new letters of credit to import food commodities and medicines as well as the equipment needed in manufacturing and other basic materials.
The Tripoli-held meeting also saw the discussion of the CBL Governor’s instructions to the commercial banks regarding speeding up the reopening of letters of credit for businessmen and facilitating swift transfers and credit cards transactions starting from January 2017.
The CBL explained that such measures will ensure the food and medicine adequacy in the country and thus create the needed balance between the supply and demand in the market, adding that they would end the bad influence of the black market and fix the inflation created by the speculations in the money market that led to devaluating the dinar and set the prices high.
The meeting also discussed how to end the multiplicity of external inspection companies by appointing internationally accredited firms so that there would be no more illegal trading or illegal descriptions of the types of commodities included in the letters of credits, pointing out that this measure will limit smuggling and ensure the safety of all the imported items, while guaranteeing that foreign currencies are used for the purported transactions.
The CBL added that the current implications given by the Libyan economy foretell that Libya’s general economic sector will develop in 2017 and that will positively influence the living conditions of Libyans.
