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By Libya Herald reporter.
Tunis, 10 June 2015:
The Tripoli authorities have reversed the import ban issued on 17 May on 32 . . .[restrict]items through letters of credit (LC’s) for six months.
The import ban was announced as a move to stem the hemorrhaging of Libya’s fast depleting foreign currency reserves.
The authorities said they had reversed the import ban because the Central Bank of Libya (CBL) had failed to impose the ban.
The acknowledgement that the CBL had ignored the Tripoli authorities’ decree is an embarrassing revelation confirming that the CBL sets its own economic and fiscal agenda for Libya. It also confirms that the CBL was probably not consulted prior to the announcement of the import ban.
The import ban had attracted much criticism from the business community as inflationary and encouraging black-market economy. [/restrict]
