Small importers demonstrate in front of CBL against complicated banking procedures – CBL holds meeting with them

A group of small traders and importers held a protest in front of the Central Bank of Libya (CBL) in Tripoli yesterday, including members of several Chambers of Commerce headed by Tripoli and Misrata Chambers.

The protest is a continuation of an earlier protest held in Misrata on 25 October by members of the Misrata Chamber of Commerce. Both protests are objecting to what they called complicated banking procedures and the disruption of foreign transfers, which have disrupted market activity and raised prices.

They demanded that the Central Bank of Libya revoke Decision No. 42 issued by the Ministry of Economy which instructs the Customs Authority to refrain from processing imports at ports that have not been paid for through official banking transactions. This instruction has led to tens of containers of goods clogging up ports and causing financial damage to small importers and shortages in the market.

It must be recalled that the issue relates only to small importers who are unable to import using banking facilities and are forced to pay in direct hard currency cash transfers through the black-market. Large businesses have no problem opening letters of credit for their imports.

After the protest, the CBL held a meeting with some of their representatives.

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