No Result
View All Result
Wednesday, July 16, 2025
23 °c
Tripoli
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 Business

ACA claims local bank involved in letters of credit fraud

byMichel Cousins
April 5, 2017
Reading Time: 2 mins read
A A
ACA claims local bank involved in letters of credit fraud

By Moutaz Ali

ACA letter

Tripoli, 5 April 2017:

Zliten’s Bank of North Africa branch is to be investigated by the Administrative Control Authority (ACA) in Tripoli over claims of financial irregularities. It is alleged that the bank branch granted 24 Letters of Credit (LCs) to three companies owned by only one person.

The ACA suggests the companies’ owner and the branch’s manager colluded to obtain US dollars at the Central Bank of Libya’s (CBL) formal rate, which is $1 is to LD 1.41 so they could then resell the on the black market. The black market rate is currently $1 to 7.1 Libyan dinars.

RELATED POSTS

Top law firm joins new British Libyan Business Association

An academy with a difference in Tripoli

Of the three companies, one is reportedly involved in construction; it obtained 13 LCs. The second, with six LCs, deals in agricultural equipment, and the third, with five LCs, imports building materials. The owner’s name has not been disclosed by the ACA.

The LCs were issued without the normal investigations adopted by commercial banks to prevent fraud prevention, the ACA added.

The ACA has called for arrested warrents against the bank manager and company owner to be issued by the public prosecutor.

Meanwhile, Central Bank of Libya (CBL) in Tripoli has announced the relaunching of LCs for companies importing basic foodstuffs such as meat, tuna, dairy products so locals can stock up ahead of Ramadan.

At present almost all foodstuffs other than subsidized staple products such as flour and oil, have to be imported using the black market to obtain hard currency. It has lead to fears that the dinar-dollar rate with rise even further by the time Ramadan begins.

“We are telling residents that the CBL intends to provide them with basic food during the holy month of Ramadan with the cooperation of the related authorities in the country, including the Government of the National Accord,” the bank stated.

The CBL slashed the granting of LCs after last Ramadan.

“If the crisis continues, it will deepen the gap between the rich and the poor, and deeply damage the middle class,” financial expert Tarek Al-Alem told the Libya Herald.

“This has started already. Some people can no longer afford many types of products and are limited to only the cheapest goods,” he explained.

A solution to the problem required a strong political will, social solidarity and security stability, he added

“To be honest, practically none of these things are going to be implemented, at least in the short term,” he said.

Tags: Bank of North AfricaLibya

Related Posts

UK Minister visits Tripoli – agreement signed to improve quality of English teaching at Libyan educational establishments
Business

UK Minister visits Tripoli – agreement signed to improve quality of English teaching at Libyan educational establishments

July 15, 2025
CBL receives results from meetings with international banks
Business

Fuel subsidies reached LD 60 billion, 30 percent of which is smuggled – therefore can invest just LD 5 bn in housing: CBL Governor Issa

July 15, 2025
Libyan Export Promotion Centre changes to become Libyan Export Development Authority – new logo adopted
Business

Libyan Export Promotion Centre changes to become Libyan Export Development Authority – new logo adopted

July 15, 2025
Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges
Business

Three health centres opened in Benghazi after maintenance and development

July 14, 2025
Libya to invest $140 billion in projects over the next decade
Business

Tripoli based Libyan government plans to complete 150,000 housing units by 2030

July 14, 2025
Libyan Railways Implementation Authority invites International Federation of Railways to participate in November workshop
Business

China to resume implementation of its stalled railways projects in Libya

July 14, 2025
Next Post
Misrata bombs Brak Al-Shatti airbase: report

Misrata bombs Brak Al-Shatti airbase: report

Kidnapped Sirte mayor released: report

ADVERTISEMENT

Top Stories

  • Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges

    Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges

    0 shares
    Share 0 Tweet 0
  • China to resume implementation of its stalled railways projects in Libya

    0 shares
    Share 0 Tweet 0
  • Libyan olive oils win gold at Anatolian, Berlin and Japan 2025 international olive oil competitions

    0 shares
    Share 0 Tweet 0
  • There are 4 million irregular migrants in Libya: Interior Minister Trabelsi

    0 shares
    Share 0 Tweet 0
  • BP to reopen office in Libya, Shell discusses prospects for cooperation in oil field development‎

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
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

Three Fisheries officials temporarily suspend from work by Administrative Control Authority suspected of corruption

UK Minister visits Tripoli – agreement signed to improve quality of English teaching at Libyan educational establishments

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.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

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

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.