The Tripoli Chamber of Commerce, headed by its chairman Anwar Abu Sitta, held a meeting last Sunday (26 October) at its Tripoli headquarters with Banca UBAE Roma (Unione delle Banche Arabe ed Europee), a subsidiary of the Libyan Foreign Bank (LFB).
The meeting was attended by Maurizio Valverre, General Manager of the bank, Al-Sharif Alwan, Deputy General Manager, Antonio Ferelli, Head of Administration, and Hatem Sobhi, Director of the bank’s Representative Office in Tripoli.
Ways to facilitate documentary credits for Libyan traders
During the meeting, the Tripoli Chamber of Commerce discussed with UBAE Roma bank the latest decisions of the Central Bank of Libya (CBL) and ways to facilitate documentary and financial credit procedures for Libyan importers, as part of overcoming the financial obstacles faced by businessmen when dealing with the European market.
UBAE Roma Bank to hold meetings with CBL
In a related context, during its visit to Tripoli, UBAE Roma Bank intends to hold meetings with the CBL. The Tripoli Chamber of Commerce has requested that the UBAE bank discuss with the CBL the challenges and difficulties facing Libyan importers in bank transfer transactions, with the aim of strengthening and facilitating financial and trade transactions between Libya and Europe.
Anwar Abu Sitta also emphasized the need for cooperation between banks, business owners, and merchants, particularly regarding procedures and financial transfers, given the escalating challenges facing Libya’s commercial banks.
Background: CBL reform policies
This meeting comes with background of the CBL’s efforts to stop the import of goods into Libya through cash payments or non-bank transfers.
This is part of the CBL’s wider efforts to counter and mitigate money laundering, reduce the cash economy, increase the use of e-payments, defend the value of the Libyan diner, minimise the foreign exchange black-market, reduce prices and inflation and increase Libyan citizen’s purchasing power.
Opposition from small business
The CBL reform attempts have run into opposition from small business who have held meetings with Chambers of Commerce and held protests. Small importers feel that the CBL has not made the opening of Letters of Credit easy for them and has not provided alternative means of paying for their imports through the banking system, such as issuing debit / credit cards that are acceptable abroad.
.
All imports into Libya must be paid for through official bank transactions
CBL allows for opening of LCs for imports through land borders (libyaherald.com)
Tripoli Libyan government reverses decision on imports needing LCs (libyaherald.com)
Imports at ports not paid for by LCs will no longer be released after 31 December (libyaherald.com)
Tripoli Libyan government reverses decision on imports needing LCs
