Presidential Council member expresses reservations over letters of credit

Presidential Council member expresses reservations over letters of credit

March 29, 2018 - 16:49
Posted in:
Written By: HousamNajjair

Presidential Council (PC) member, Mohammed Amari Zayed, has expressed his reservation regarding the decision of the PC to grant permission to spend one and a half billion dollars for the supply of food commodities in the form of bank credits.

Amari’s reservation was sent in a letter to the Chairman of the Presidential Council, Fayez Sarraj, citing a number of observations about the way the PC dealt with the economic crisis.

“The recent measures to deal with the economic crisis did not succeed in the past, including granting bank credits, which means a monopoly by a limited group of traders to import goods.” He said.

Amari asked to assign the import of commodities on the basis of the currency exchange market to ensure a balance and leave the monitoring of these mechanisms to the Audit Bureau.

He also called for the activation of the role of the Ministry of Economy in the development of economic policies in the field of import and price control on the domestic market.

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