The Central Bank of Libya (CBL) reported yesterday that it had met all the requests to open letters of credit (LCs) for the import of food in time to be imported and distributed within the local market for the fasting month of Ramadan.
The CBL said it is making this statement within the framework of its policy to achieve the highest rates of disclosure and transparency at the level of all sectors.
It also comes within its interest to carry out its role entrusted to it by covering the documentary credits with foreign currency (at the official preferential rate and not the higher black-market rate) referred to it by commercial banks through the coverage system for the supply of various goods and services in order to cover the needs of the local market on the occasion of the fasting month of Ramadan.
US$ 6.5 billion provided in LCs for the import of foodstuffs
The CBL said it had covered all documentary credits referred to it by commercial banks during the period from 01/11/2024 until 20/02/2025, with a total value of about US$ 6.5 billion. It said this volume of LCs should be reflected in goods available in the local market during Ramadan.
Any increase in prices is unjustified
The CBL, while publishing this statement, notes that any increase in the prices of these goods and services, especially food commodities, is considered unjustified compared to the size of the opened LCs, and therefore is not due to the delay in supply, but due to many reasons outside the scope of the banking sector.
The CBL provided a link on its official media site showing the details of these goods and services, and the supplier companies.
Ramadan, depending on the sighting of the moon, will start on Saturday 1 March or Sunday 2 March.
