Tripoli Chamber of Commerce expresses dissatisfaction with CBL’s LC policy

In a published statement last Tuesday, the Tripoli Chamber of Commerce addressed the Central Bank of Libya (CBL) on behalf of its members due to their dissatisfaction with the complex method of opening Letters of Credits (LCs) and restricting them to some goods only, which the statement said has caused an increase in the black-market price of the hard currency, which has caused obstruction of suppliers and an increase in commodity prices.

The statement echoes the statement made by Misrata Chamber of Commerce which has threatened an escalation of protest by protesting in front of the CBL in Tripoli and the possibility of a general shutdown of businesses.

It will be recalled that the black-market price of the US dollar has spiked from LD 5.30/5.60 to LD 7.77 – having peaked briefly at LD 8.13.

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