Parallel CBL in Al-Baida opens letters of credit in foreign currency

The Governor of the parallel Central Bank of Libya in Al-Baida city, Ali Al-Hebri, said the CBL had kicked off letters of credit in dollars and other foreign currencies like the pound and the euro.

Al-Hebri said on Thursday that this step comes after the gains of what he described as the Libyan national army – Khalifa Haftar’s Dignity Operation – in the oil crescent region and control of the oil termnianls there as well as handing the ports to the National Oil Corporation for the start of reproduction and eportaion of oil.

“When oil flows in the international market, Libya will be capable of fulfilling its commitments to its citizens and will also be able to back up the CBL to go through the current financial and economic crisis.” Al-Hebri said.

He also added that the “parallel” CBL has the needed experience to provide services to all Libyans and then help Libya heal from the current crises it is suffering from.