No Result
View All Result
Wednesday, October 4, 2023
24 °c
Tripoli
24 ° Thu
24 ° Fri
24 ° Sat
24 ° 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 Libya

CBL to release $750 M LCs for January imports pending 2017 budget approval

bySami Zaptia
January 16, 2017
Reading Time: 3 mins read
A A
CBL to release $750 M LCs for January imports pending 2017 budget approval

The Tripoli-CBL has approved US$ 750 million of LCs for needed January imports pending budget approval (Source: CBL).

12
SHARES
52
VIEWS
Share on FacebookShare on Twitter

By Sami Zaptia.

The Tripoli-CBL has approved US$ 750 million of LCs for needed January imports pending budget approval (Source: CBL).
The Tripoli-CBL has approved US$ 750 million of LCs for needed January imports pending budget approval (Source: CBL).

London, 16 January 2017:

The Tripoli-based Central Bank of Libya (CBL) is to release US$ 750 million in the form of Letters of Credit (LCs) to cover imports for the month of January – pending the approval of the 2017 ‘‘budget’’.

A leaked document dated 9 January and signed by Governor Saddek ElKaber reveals a list of 19 product categories with the LC amounts set aside to cover their import. The CBL said that this was a ‘‘temporary’’ and ‘‘suggested’’ list jointly approved with the Audit Bureau pending the approval of the ‘‘temporary budget’’ which will take no less than 60 days to process.

 

RELATED POSTS

Derna demonstration calls for holding to account of Derna Mayor and dismissal of parliament

CBL publishes latest revenues and spending figures from 1 January to 31 August 2023

(CBL).
The Tripoli-CBL has approved US$ 750 million of LCs for January pending budget approval (CBL).

 

 

The early release of hard currency for imports during January prior to the approval of the ‘‘budget’’ was in order to ‘‘avoid shortages in the market’’ that could lead to a rise in prices in both the official and black market, the CBL explained.

 

 

CBL suggested imports for January 2017: Product Amount: LCs in million US$
1 Medicines 85
2 Grains for mills 50
3 Flour 30
4 Animal feed 30
5 Livestock 30
6 Sugar 30
7 Dairy products 60
8 Cooking oil 70
9 Pasta 30
10 Tomato paste 20
11 Semolina 30
12 Canned Tuna 25
13 Rice 50
14 Baby milk 50
15 Frozen meat & fish 20
16 Cleaning products 20
17 Food raw materials 50
18 Seeds & fertilizers 10
19 Other needed products 60
Total: 690

 

 

The proposed list of imported products is, on the one hand, very revealing for those interested in supplying the Libyan market, but equally it further underscores how import-dependent Libya is for its basic foodstuffs such as cooking oils, rice, pasta, tomato paste, dairy products and grains.

It will be noted that the CBL refers to the temporary ‘‘budget’’ as the ‘‘temporary financial arrangement’’ as it is politically and legally contested. The Libyan legislature, the Tobruk-based House of Representatives, has not approved the 2017 budget and the Faiez Serraj-led Presidency Council/Government of National Accord has used a clause in the 2015 Libyan Political Agreement to bypass HoR budget approval. The HoR insists that the PC/GNA has misused the relevant clause in the LPA.

Irrespective of the merits of the legal interpretation of the contested clause, the PC/GNA, together with the international community, have been able to persuade the CBL and Audit Bureau of the validity of this clause. In turn, because the revenues of Libya’s hydrocarbon exports are channelled through the Tripoli-based CBL, the CBL’s approval is pivotal to the PC/GNA obtaining a 2017 budget.

 
Tags: 2017 temporary emergency financial arrangements budgetCBL Central Bank of LibyaCBL Governor Saddek ElkaberFaiez SerrajfeaturedHoR House of RepresentativesimportsLCs letters of creditPC/GNA Presidency Council Government of National Accord
Share5Tweet3Share1

Related Posts

More humanitarian aid arrives in eastern Libya from Canada, Turkey, Qatar and Kuwait – to help in post Storm Daniel efforts
Libya

More humanitarian aid arrives in eastern Libya from Canada, Turkey, Qatar and Kuwait – to help in post Storm Daniel efforts

October 3, 2023
Final phase of 5+5 Defence Initiative’s LIVEX Maritime Security Exercise ”Seaboard 23” concluded
Libya

Final phase of 5+5 Defence Initiative’s LIVEX Maritime Security Exercise ”Seaboard 23” concluded

October 3, 2023
UNSMIL: Warring parties invited to begin negotiations on 29 September
Libya

UNSMIL statement on unified Derna reconstruction process receives support from leading states

October 3, 2023
UN Security Council authorises sanctions against anyone endangering Libya’s stability and democracy
Libya

Libya’s continued political and institutional division, and absence of accountability for national resources cannot continue: UN Working Group

October 2, 2023
UN calls for humanitarian pause to evacuate trapped civilians and deliver humanitarian assistance
Libya

Flood Daniel: International rescue teams begin to phase out, humanitarian response scaling up says OCHA report

October 1, 2023
Spanish epidemiologists and water specialists arrive in east Libya to help with post-Storm Daniel recovery
Libya

Spanish epidemiologists and water specialists arrive in east Libya to help with post-Storm Daniel recovery

September 28, 2023
Next Post

NOC taking legal action against Zawia power station gas pipeline blockaders

Wishefana Zawia tobacco peace deal raises hopes of end to Libya power shortages

 

Advertise on LibyaHerald

Reach thousands of our site visitors daily

240 x 400px

Advertise Here
ADVERTISEMENT

Top Stories

  • Direct flights from Tripoli to Rome to resume on Saturday

    Direct flights from Tripoli to Rome to resume on Saturday

    102 shares
    Share 43 Tweet 25
  • Qatar Civil Aviation to conduct Libyan airports inspection in October, signs MoU with Libyan counterpart

    59 shares
    Share 24 Tweet 15
  • On the day of first direct Tripoli to Rome flight, MoU signed between Libyan Civil Aviation and its Italian counterpart

    48 shares
    Share 20 Tweet 12
  • As U.S. calls for unified east-west Libyan effort, eastern Libyan government postpones Derna reconstruction conference to November

    46 shares
    Share 18 Tweet 12
  • Ministry of Oil concerned about negative effect of UN report on fuel smuggling on sector investment

    45 shares
    Share 18 Tweet 11
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

More humanitarian aid arrives in eastern Libya from Canada, Turkey, Qatar and Kuwait – to help in post Storm Daniel efforts

Benghazi Municipality discusses with UAE’s Terminals Company Benghazi Airport infrastructure project

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?