Central Bank of Libya Allocates $100 Million for Import of Cooking Oil and Basic Commodities

Tripoli: The Central Bank of Libya has allocated $100 million in letters of credit for the import of six million boxes of cooking oil, along with other essential food commodities, to address the needs of the local market as the holy month of Ramadan approaches. According to Libyan News Agency, this decision emerged from a meeting held at the bank's headquarters in Tripoli, involving the Governor of the Central Bank of Libya, Naji Issa, and the President and CEO of the Federation of Libyan Industries. Several department heads from the bank and a group of suppliers were also in attendance. The bank announced on its official Facebook page that an urgent agreement had been reached with suppliers to deliver 2.5 million boxes of cooking oil over the current and following weeks. The remaining quantities will be supplied under the approved letters of credit, which total $100 million and are equivalent to six million boxes. During the meeting, the challenges and obstacles hindering the supply of essential food com modities were discussed. The bank emphasized the need to overcome these challenges promptly to ensure a stable supply, address existing market shortages, contribute to price stability, and provide goods to citizens at prices matching their cost, especially during Ramadan and the subsequent months.