Ministry of Economy will partner with Libya’s Central Bank in credit letters system

The Deputy Minister of Economy, Ali Al-Mahjoub, has confirmed that the Ministry of Economy will be part of the Central Bank of Libya’s system for providing letters of credits, which will reopen this Sunday in all commercial banks.

He outlined that lists with the names of companies that would import commodities will be distributed along with the prices, pointing out that the Economy Ministry will publicize the prices of the imported commodities so that the citizens can know the average price of selling in local currency.

Al-Mahjoub added that this step comes out of necessity due to the current liquidity crisis and once finished, the ministry will leave this issue to the demand and supply mechanism of the market.