By Libya Herald reporter.
Tunis, 3 March 2015:
The Libyan Industrial Union discussed the effects of the shortage of foreign currency exchange and . . .[restrict]hard currency at Libyan banks on the Libyan economy at a meeting in Tripoli Sunday.
The meeting attended by Libyan businessmen and representatives of various unions and the Libyan General Union of Chambers of Commerce and Industry (GUCCI).
The meeting decided to continue to hold regular meetings in an effort to find solutions to Libya’s growing economic problems caused by the inability or unwillingness of the Central Bank of Libya (CBL) to provide hard currency for businesses for the import of consumer goods.
The low limits of hard currency made available to importers by CBL has led to a shortage of some consumer products and to the rise in prices.
It will be recalled that Libya is going through an economic crises caused by its collapse in oil exports, caused by fighting between the various political factions and militias, as well as the collapse of international crude oil prices.
This fall in revenues has led to a run on Libya’s foreign exchange reserves and is threatening to weaken the exchange rate of the Libyan dinar. [/restrict]
