No Result
View All Result
Wednesday, June 7, 2023
21 °c
Tripoli
22 ° Thu
24 ° Fri
27 ° Sat
23 ° Sun
  • Advertising
  • Contact
LibyaHerald
 
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Business

Sahary bank forced to stop Western Union transfers due to armed coercion

bySami Zaptia
August 17, 2016
Reading Time: 2 mins read
A A
Sahary bank forced to stop Western Union transfers due to armed coercion

Sahary bank have been forced to close their Western Union service due to armed coercion and threats.

12
SHARES
53
VIEWS
Share on FacebookShare on Twitter

By Sami Zaptia. 

Sahary bank have been forced to close their Western Union service due to armed coercion and threats.
Sahary bank have been forced to close their Western Union service due to armed coercion and threats.

London, 17 August 2016:

Sahary bank said yesterday that it has been forced to shut down its Western Union foreign currency money transfer transactions at various branches due to armed intimidation and coercion.

Sahary had only just restarted it’s Western Union service. “However, and unfortunately, for the public’ s information, a lot of trouble occurred as well as threats and closures of branches” and “armed threats to employees and their families”, it reported.

This has “forced the bank to close the service temporarily until the start of online (Western Union transfer) bookings through the bank’s website”.

RELATED POSTS

The Restaurant and Food Show – Benghazi 2 to 5 October

Presentation of mechanism for implementation of the GS1 system for tracking medicines and medical equipment

This is unfortunate news for the beleaguered Libyan citizens who have suffered immensely when it comes to foreign currency transfers.

Firstly, the black market and its sky-high exchange rate is the only realistic option for obtaining foreign currency for most average Libyan citizens.

However, the black market exchange rate is currently around LD 5 to one dollar whereas the official dollar exchange rate is LD 1.37 per dollar.

Secondly, what little foreign currency is made available for general sale even at the sky-high exchange rates usually never reaches the average Libyan citizens.

Average Libyan citizens complain that there exists a ” foreign exchange mafia” between bank employees and black market currency dealers which controls the flow of any foreign currency on offer.

Cynics go as far as saying that the Libyan black market foreign currency dealers run a monopolistic cartel that controls the Libyan market – keeping it artificially high.

The armed coercion and threats that have forced Sahary to close down its Western Union service is seen by critics as part of this monopolistic narrative.

On the other hand, while the weak Libyan state and its weak security and law enforcement may play a role in some monopolistic practices by currency dealers, others see the sky-high exchange rates as simply a reflection of Libya’s economic fundamentals.

Economic analysts and experts have told Libya Herald that Libya’s slump in oil production to around a quarter of normal rates and the crash in international crude oil prices are the fundamental driver of Libya’s sky-high black market foreign exchange rates.

 
Share5Tweet3Share1

Related Posts

The Restaurant and Food Show – Benghazi 2 to 5 October
Business

The Restaurant and Food Show – Benghazi 2 to 5 October

June 7, 2023
Presentation of mechanism for implementation of the GS1 system for tracking medicines and medical equipment
Business

Presentation of mechanism for implementation of the GS1 system for tracking medicines and medical equipment

June 7, 2023
The International Forum & Exhibition for Free Zones – Misrata: 28 to 29 June at Misrata Free Zone
Business

Misrata Free Zone confirms its continuation to transform to full electronic management

June 6, 2023
Libya invites German companies to resume their projects and invest in Libya
Business

Libya invites German companies to resume their projects and invest in Libya

June 6, 2023
British Libyan Business Association and the Libyan Business Council sign MoU
Business

British Libyan Business Association and the Libyan Business Council sign MoU

June 5, 2023
Libyan Export Promotion Centre discusses with Italian Chamber export of olive oil, dates and tuna to Italy and Europe
Business

Libyan-Tunisia agricultural, marine and food sector B2B meetings – Tunis 19 to 20 June

June 5, 2023
Next Post
British ambassador in Tobruk talks with MPs and local leaders

British ambassador in Tobruk talks with MPs and local leaders

US conducts 57 anti IS airstrikes in Sirte

US conducts 57 anti IS airstrikes in Sirte

 

Advertise on LibyaHerald

Reach thousands of our site visitors daily

240 x 400px

Advertise Here
ADVERTISEMENT

Top Stories

  • HB Group opens Apple authorised I-Shop reseller in Tripoli’s Siyahia

    HB Group opens Apple authorised I-Shop reseller in Tripoli’s Siyahia

    80 shares
    Share 32 Tweet 20
  • British Libyan Business Association and the Libyan Business Council sign MoU

    74 shares
    Share 30 Tweet 19
  • AMLY School is offering an innovative approach to learning in Libya

    65 shares
    Share 27 Tweet 16
  • State recognised militia and Libyan Army clash in central Tripoli

    257 shares
    Share 103 Tweet 64
  • Libya invites German companies to resume their projects and invest in Libya

    50 shares
    Share 20 Tweet 13
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

The Restaurant and Food Show – Benghazi 2 to 5 October

Presentation of mechanism for implementation of the GS1 system for tracking medicines and medical equipment

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    No Result
    View All Result
    • Login
    • Sign Up
    • Cart
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Sign In with Facebook
    Sign In with Linked In
    OR

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Sign Up with Facebook
    Sign Up with Linked In
    OR

    Fill the forms bellow to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
    Are you sure want to unlock this post?
    Unlock left : 0
    Are you sure want to cancel subscription?