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By Sami Zaptia.
London, 6 April 2016:
The Central Bank of Libya (CBL) sent out a circular today to all Libyan banks recognizing yesterday’s . . .[restrict]decree (No.7) by the Faiez Serraj-led Presidency Council/Government of National Accord freezing all state-sector bank accounts.
The action by the CBL, as well as the meeting of the Makhzoum-led half of the GNC and the unconfirmed resignation of the internationally unrecognized and self-appointed so-called Salvation Government means that the Serraj-led administration has relatively quickly gained much de facto traction in Tripoli despite all the ongoing legal debates.
The CBL also held a meeting today during which it aimed to hasten the procedures to open LVs for basic goods and provisions. The meeting included the General Union of Chambers of Commerce which will form a list of well established companies with a proven track record to be nominated for express LC processing.
Business leaders at the meeting were reported by the CBL to have welcomed the new steps for speeding up the opening of LCs as well as the US$ 3.15 bn earmarked for LVs by the CBL over the next three months.
The amount was seen as particularly relevant with the arrival of the holy fasting month of Ramadan in the firsts week of June – Ramadan being the peak month of consumption in Libya. [/restrict]
