Tripoli, 31 December 2013 :
The Minister of Economy, Mustafa Abufunas, announced at a press conference yesterday, held at Tripoli’s Stock Exchange in Hay Al-Andulus, the establishment of a new financial regulation authority.
At the opening, Abufunas said that the new regulating body will regulate all the financial sector, except for the banking sector, adding that this new regulatory body represents a very important addition to the Libyan economy and in the establishment of an economy based on sound foundations.
After a tour of the Stock Exchange, Minister Abufunas attended the first meeting of the newly established regulatory authority.
During this meeting discussions took place of what is needed during this critical period and the new plans needed to progress the performance level of the Libyan Stock Exchange in order to give it a prominent role in supporting the Libyan economy.
The General Manager of the Stock Exchange, Ahmed Karoud added that the announcement of the launch of a financial sector regulator is the signal for the creation of a body that will represent the largest part of the Libyan economy.
Karoud added that Libya’s Stock Market will have a very important role in supporting the financial sector authority and that the Stock Exchange was now complete with the creation of the regulatory authority, together with its listed companies and its brokerage firms.
This, the General Manager said, has added to the culture of investment in Libya and gives confidence to the Libyan financial sector and stock market.
Karoud added that the cooperation of the Financial Services Authority in the approval of the Stock Market’s internal regulations and in consolidating transparency and governance in the Stock Market, will make Libya’s Stock Market in the forefront of Stock Exchanges.
It will also make it one of the leading stock markets in the spread of the culture of transparency and governance of stock markets, Karoud concluded.