Head of Tobruk Commerce Chamber: Over LYD3 million goes to Egypt and never returns

Head of Tobruk Commerce Chamber: Over LYD3 million goes to Egypt and never returns

June 12, 2016 - 16:37
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Written By: AbdulkaderAssad

The Head of Tobruk Commerce and Industry Chamber, Ibrahim Al-Jerrari, said that a big sum of the newly printed banknotes that arrived recently in the parallel Al-Bayda-based Central Bank of Libya was transferred outside Libya, which he said would aggravate the cash crisis.

Al-Jerrari revealed to Akhbar Libya website Saturday that over 3 million dinars were transferred to Egypt via the eastern borders, which is one of the main reasons why cash is on the demise in Libya’s banks, he indicated.

“We call on the CBL to solve the ongoing crisis of transferring Libyan money through the eastern borders and via Tobruk and Lebrag airports and find ways to bring it back to Libyan banks.” Al-Jerrari elaborated, disclosing that millions of dinars are piled up in the border districts and exchange centers in Egypt.

It is noteworthy that the parallel CBL contracted with a Russian company to print LYD4 billion to solve the cash crisis at banks, yet this was rejected internationally and locally and has not succeeded in ending the queues of people at the banks’ doors up until today, especially in the east, where the banknotes were distributed.