Libya Central Bank says keen on doing comprehensive reform

Libya Central Bank says keen on doing comprehensive reform

February 05, 2018 - 21:50
Posted in:
Written by: AbdulkaderAssad

The Central Bank of Libya (CBL) said it will keep providing letters of credit to businesspersons in order to cover the Libyan market needs of foods and other commodities as per budget laws of 2017.

In a statement on Monday, the Tripoli-based CBL said it had started off a comprehensive economic project that would boost the Libyan economy in coordination with the Presidential Council so that Libya can break away from the current economic collapse, citing the beginning with needed service and production projects.

"The CBL will continue to sell Libyan families US dollars as per the law issued for 2018 and will ensure that those who did not buy in 2017 will be able to recover their share this year." The statement remarks.

The CBL also facilitated the money transfer transactions for medical treatments and study abroad, adding that it had devised a new system for foreigners' money transfer, especially those working in medical sectors and education fields.

"We have activated electronic payment systems and we will make sure the sellers will receive the needed cash from the banks in return for the online transactions, not to mention that we have started the second phase of cell phone payment system." The CBL statement reads.

The statement also said the CBL is closely watching the monetary stability in Libya and the values gained by the dinar lately, which positively influenced the prices of goods and services.