No Result
View All Result
Thursday, June 1, 2023
22 °c
Tripoli
22 ° Fri
23 ° Sat
24 ° Sun
24 ° Mon
  • 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

Government attempts at price fixing are distorting prices and causing price rises: Husni Bey

bySami Zaptia
March 20, 2022
Reading Time: 2 mins read
A A
Tripoli’s browned off bakers go on strike

Bread prices rose overnight by about a third last week purportedly due to the Ukraine war. The incumbent government says there is no justification for this and has ordered prices revert to their original level. Businessman Husni Bey says government should not interfere in markets (Photo: Archives).

116
SHARES
499
VIEWS
Share on FacebookShare on Twitter

Commenting exclusively to Libya Herald yesterday on last week’s article on price increases in Libya, leading Libyan businessman, Husni Bey said ‘‘It all comes down to government mismanagement, wrong and or distortionist economic and monetary policies. The fundamental rule of pricing equilibrium is supply and demand.’’

It will be recalled that there was a public outrage (on social media at least) last week as prices of foodstuffs rose sharply, including bread. This was blamed on the Ukraine war and world markets externally, and the battle for the prime ministership domestically.

‘‘Government interference in this basic rule causes distortions and leads to imbalances and distortions. The Russian war on Ukraine broke out, it is normal for markets to react, and it is better to let market forces find their equilibrium.

Instead, our government decided to fix prices for major commodities, and to seal and shut warehouses of whoever was found selling above the imposed pricing.

This caused two reactions:

RELATED POSTS

Libyan state spent LD 162 bn and not LD 127 bn as claimed: Husni Bey

Libya imposes total ban on fish exports and orders creation of three-month strategic food stock

First: Importers stopped importing as the imposed government prices are below cost.

Secondly: The supply decreased as many traders preferred to close their warehouse rather than having their premises sealed and shut by the authorities. These factors combined reduced the supply and the fear caused a sharp increase in demand.

Conclusion…!
Hence ironically, the government’s actions in attempting to fix market prices itself resulted in an end result of distorted high prices.’’, concluded businessman Husni Bey.

 

Rising Libyan food prices on the eve of Ramadan: caused by Ukraine war and other external factors or simple profiteering? – LibyaHerald

Exclusive: There is no free meal in life and the Libyan people will finally end up paying the cost for all of Mr Aldabaiba’s freebies – he keeps on promising right, left and centre within Libya and beyond its borders: Husni Bey – LibyaHerald

In an effort to bring prices down, Libya exempts food imports from all duties – LibyaHerald

Ministry of Economy calls on traders to reduce prices in Ramadan – Chamber of Commerce supports call – LibyaHerald

Most Tripoli bakeries close due to new exchange rate raising flour prices – LibyaHerald

Prices will decrease by 35-45 percent because of dinar devaluation: CBL expert – LibyaHerald

Average Eid ram prices fall in eastern Libya to about US$ 163 – LibyaHerald

Libyan Business Council warns of food shortages and increased prices due to CBL’s inflexible Letters of Credit policy – LibyaHerald

 

 

 

 

Tags: Husni BeyInflation cost of livingprice rises
Share47Tweet29Share8

Related Posts

Sirte and BACB to improve cooperation
Business

Sirte Oil Company’s smart fields give it higher efficiency, more accurate real-time data for timely decisions

May 31, 2023
The International Conference on Arbitration in Libya – held in Tripoli with international participation
Business

The International Conference on Arbitration in Libya – held in Tripoli with international participation

May 30, 2023
UNDP launches Deraya Entrepreneurship Initiative for youth
Business

UNDP launches Deraya Entrepreneurship Initiative for youth

May 30, 2023
GECOL says all eastern power stations ready to operate
Business

GECOL supplies new equipment and spare parts for its stations and confirms ability to end power cuts

May 29, 2023
Expected Resumption of Commercial Activity of Libyan Merchants in Tunisia, while Two Tunisians Were Injured by a Nalut Local
Business

The Tripoli Libyan Ministry of Transport confirms development plan for Libya-Tunisia Ras Jedir border crossing

May 27, 2023
NOC condemns Friday’s Mitiga aviation fuel depot shelling, evacuates staff
Business

An instant 350 cylinder per hour cooking gas filling station opened in Jalo

May 27, 2023
Next Post
New terminal at Benghazi’s Benina Airport to open in three weeks

New terminal at Benghazi’s Benina Airport to open in three weeks

UNSMIL: Warring parties invited to begin negotiations on 29 September

UNSMIL to proceed with HoR-HSC Joint Committee talks in Tunis today – without HoR representatives

 

Advertise on LibyaHerald

Reach thousands of our site visitors daily

240 x 400px

Advertise Here
ADVERTISEMENT

Top Stories

  • State recognised militia and Libyan Army clash in central Tripoli

    State recognised militia and Libyan Army clash in central Tripoli

    217 shares
    Share 87 Tweet 54
  • Tripoli Libyan government conducts drone strikes against criminal hideouts in western coast

    139 shares
    Share 56 Tweet 35
  • The Tripoli Libyan Ministry of Transport confirms development plan for Libya-Tunisia Ras Jedir border crossing

    64 shares
    Share 26 Tweet 16
  • Members of illegal organizations given imprisonment and death sentences by Misrata Criminal Court

    46 shares
    Share 18 Tweet 12
  • US Embassy in Tripoli announces easing of visa protocol: One-year multiple entry visas now replace three-month single-entry visas

    113 shares
    Share 60 Tweet 22
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

Sirte Oil Company’s smart fields give it higher efficiency, more accurate real-time data for timely decisions

Members of illegal organizations given imprisonment and death sentences by Misrata Criminal Court

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?