The Tripoli based Libyan Minister of Economy and Trade issued Decision No. (51) of 2026 regarding commodity pricing.
The decree prohibits the pricing of any commodity based on the black-market foreign exchange rate. It stipulates that only the official foreign exchange rate shall be used.
However, taking into account the oft cited complaint by small business that only big business are granted the more advantageous official bank exchange rate, the Economy Ministry said companies facing difficulties in obtaining letters of credit for importing goods must submit a request to the Ministry of Economy and Trade, in coordination with the Central Bank of Libya, for consideration of their situation.
Part of a wider economic reform effort
The move by the Economy Ministry is part of a wider economic reform effort in coordination with the Central Bank of Libya aimed at fighting price increases and imported inflation, protecting standards of living through purchasing power, reducing demand for the US dollar in the black market, and defending the value of the Libyan dinar.
This is especially the case with the high consumption fasting month of Ramadan starting in about two weeks.
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