Libya imports Eid Al-Adha sheep to help reduce high prices

Libya imports Eid Al-Adha sheep to help reduce high prices

August 09, 2017 - 21:01
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Written By: AbdulkaderAssad

The Central Bank of Libya (CBL) OKed importation of 750.000 sheep for 54 companies worth $100.000.000 in a move that aims at reducing the prices of the Eid Al-Adha sacrifices (mainly sheep).

Some businessmen criticized the move for the short period of importation process.

In a statement, the CBL conditioned the transaction to the fact that importation of the sheep must be before August 20, adding that the Ministries of Economy and Industry should coordinate with importers to place a mechanism for distributing the sheep in affordable prices before the coming of Eid Al-Adha on September 01.

According to economists, importing 750.000 sheep will definitely solve the problem of high prices in the market, adding that the problem remains with the short period of importation, which might not lead to a considerable drop in the prices though.

Prices of sheep in Libya took a leap reaching between 800 Libyan dinars and 2000 amid acute shortages of cash and deteriorated living conditions.

According to businessmen, the high prices resulted from the UN-proposed government's measures that were intended to bring in some revenue as it slapped a customs tariff of 30% in addition to service fees leading to a hike in meat and commodities' prices.

Libya imports cattle from Spain, Turkey, and Romania and they make up 60% of the local market's demand for Al-Adha sacrifices in a country that uses up to 1.000.000 cattle every Eid Al-Adha.