Letters of credit available for importing basic commodities

Letters of credit available for importing basic commodities

April 05, 2016 - 20:04
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Written By: AbdulkaderAssad

The Libyan National Commercial Union has met earlier Tuesday with the Central Bank of Libya and they both have agreed on activation of letters of credit as well as accepting the letters of credit related to basic commodities for a limited period of time after approval of cash cover for the transaction.

The LNCU said in a Tuesday statement that the speeding up procedures of the activation of letters of credit is a guarantee that commodities will be distributed at the markets as fast as possible after putting 3 billion and 150 million dollars for the transactions.

It also pointed out that the meeting, which took place in Tripoli, was attended by CBL, General Union of Commerce Rooms, and LNCU representatives as well as a group of flour factories’ owners and owners of alfalfa factories, foods and meat traders in addition to some medicines companies’ owners.