Further to recent meetings and demonstrations by small importers in Misrata and Tripoli, and their meeting with Naji Issa, the Governor of the Central Bank of Libya (CBL), a meeting was held at the Cabinet Office under the chairmanship of the Financial Advisor to the Prime Minister Mohammed Al-Shahoubi on the subject.
The meeting included the Undersecretary of the Ministry of Economy and Trade, Suhail Boushiha, the Chairman of the Businessmen Council, and the President of the Tripoli Chamber of Commerce, Anwar Abu Sitta.
The Tripoli government reported that the meeting discussed the implications of the Economy Ministry’s decision (No. 42 of 2025) to limit imports to those paid for via documentary credits.
Ensuring stability of supply chains and facilitating movement of investment and supply
It also discussed the importance of coordination between the CBL and the Ministry of Economy and Trade to determine the practical time frame necessary to provide an appropriate business environment in line with the nature of commercial and productive activities in the Libyan economy, in a way that ensures the stability of supply chains and facilitates the movement of investment and supply.
Achieving balance between banking supervision and continuity of economic activity
It was also agreed to follow up on the executive procedures between the relevant authorities to ensure that the difficulties facing the private sector are addressed, and to develop a practical mechanism for implementing the decision to achieve a balance between the requirements of banking supervision and the continuity of economic activity in the country.
The Tripoli Chamber of Commerce’s view
The Tripoli Chamber of Commerce reported that its chairman, Anwar Abu Sitta explained at the meeting that the decision of the Ministry of Economy and Trade No. (42) of 2025 on regulating imports with bank credits came at the request of the CBL.
CBL currently unable to provide timely financial services to small importers
He pointed out that the absence of direct remittances, especially in light of the lack of banking credit in some countries, such as China, creates major challenges for traders and importers, pointing out that the Central Bank is currently unable to provide financial services such as remittances and opening credits to small traders as quickly as required.
Call for the temporary suspension of the decision
Abu Sitta called for the temporary suspension of the decision until the CBL is able to provide financial services to ensure the flow of trade and regulate it optimally.
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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)
Libyan imports to continue to be allowed to enter without Letters of Credit payment prerequisite (libyaherald.com)
Tripoli Libyan government reverses decision on imports needing LCs
https://www.libyaherald.com/2020/11/18/imports-at-ports-not-paid-for-by-lcs-will-no-longer-be-released-after-31-december
