No Result
View All Result
Friday, July 11, 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

Economy Minister relents to protests; orders release of goods held in ports

bySami Zaptia
March 11, 2024
Reading Time: 1 min read
A A
Misrata Chamber opens registration of contracting companies to implement its projects – including foreign and JV companies

Misrata Chamber of Commerce (Logo: MCC)

The Tripoli based Libyan Minister of Economy and Trade, Mohamed Al-Hwej, today relented to protests by businesses through the various chambers of commerce by ordering the release of goods stuck in ports for about six months.

Letter No. 998.1.5 addressing the Director General of the Customs Authority orders the release of imported shipments of medicines, medical equipment, and maternal and child supplies.

The various chambers of commerce, led by Misrata Chamber, commanded a campaign against the Economy Ministry and the Central Bank of Libya (CBL) for holding goods at ports that had not been imported through letters of credits (LCs).

These have been paid for through hard currency purchased on the black-market. The CBL is attempting to reduce the black-market rate of the US dollar, currently at about LD 7.30 to the dollar. The official rate is LD 4.95/dollar. The high black-market exchange rate is having an inflationary effect, thereby reducing citizen’s purchasing power. This is proving embarrassing to the CBL and government.

However, there are imperfections in the market. Many products do not have official distributors in Libya or are not deemed important enough by ‘‘big business’’ to be imported through LCs. This gap is filled by smaller traders who fill the market – through hard currency purchased on the black-market. The route of the problem is that demand for hard currency is higher than the supply offered by the CBL.

RELATED POSTS

CBL workshop on ‎”The Role of the Banking Sector in Revitalising Stalled Housing Projects and Urban Development”‎ to be held in Tripoli on 13 July

A 247,000-bpd oil production increase would achieve US$ 6 billion annually to enhance ability to meet FX demand, maintain strength of LD and achieve economic balance: CBL ‎

Misrata Chamber today lauded businesses and chambers of commerce for standing up to the Economy Ministry and the CBL. They called the Ministry’s decision to hold goods at ports as arbitrary, reflecting negatively on the livelihood of merchants and the livelihood of ordinary citizens through price rises of goods and services.

Tags: CBL Central Bank of Libyaforeign exchange black-market parallel marketimport importsLCs letters of creditMinister of Economy and Trade hwejMisrata Chamber of Commerce

Related Posts

CBL receives results from meetings with international banks
Business

CBL workshop on ‎”The Role of the Banking Sector in Revitalising Stalled Housing Projects and Urban Development”‎ to be held in Tripoli on 13 July

July 11, 2025
Preparations for the second ‘‘Made in Libya’’ edition in Niamey, Niger progressing
Business

“Made in Libya” exhibition to be held in Benghazi from 10 to 13 August

July 11, 2025
Sirte and BACB to improve cooperation
Business

Sirte Oil completes drilling of horizontal well in Zilten field producing 1,985 bpd using local cadres

July 11, 2025
Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges
Business

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

July 10, 2025
Libyan olive oils win gold at Anatolian, Berlin and Japan 2025 international olive oil competitions
Business

Libyan olive oils win gold at Anatolian, Berlin and Japan 2025 international olive oil competitions

July 10, 2025
NOC announces force majeure at Zawia port
Business

Libyan Fertiliser Company’s urea plant achieves a 95 percent production rate

July 10, 2025
Next Post
NOC announces force majeure at Zawia port

Polish Oil and Gas Company announces lifting of Libya force majeure and resumption of exploration in April

Libya and Shell discuss several areas of cooperation

First meeting to choose headquarters for African Energy Bank held – chaired by Libya’s Oil Minister Aoun

ADVERTISEMENT

Top Stories

  • Benghazi port receives 398 containers of mixed goods, 25,000 tons of wheat, 28,500 tons of barley and 6,000 tons of cement

    All imports into Libya must be paid for through official bank transactions

    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
  • 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
  • Op-Ed: Reputational Damage Is Worse Than Losing Money

    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
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

CBL workshop on ‎”The Role of the Banking Sector in Revitalising Stalled Housing Projects and Urban Development”‎ to be held in Tripoli on 13 July

Attorney General provides update on investigation of incidents resulting from Tripoli 2025 armed clashes and demonstrations

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.