The Ministry of Economy and Trade issued Circular No. 6 of 2026 today, calling upon companies, establishments, and traders to disclose their activities and submit their financial statements in accordance with applicable legislation.
The Ministry emphasized that regulating economic activity and determining the needs of business entities must be based on actual, verifiable financial data—certified by an external auditor and submitted to the competent authorities, primarily the Tax Authority—rather than relying on estimates or assessing the needs of each entity in isolation.
The move is seen as part of the ministry’s effort to assess the real need for hard currency/letters of credit by companies. This is to prevent LC fraud, the loss of value of the Libyan dinar, and the exhaustion of Libya’s hard currency reserves.