Tripoli: The Central Bank of Libya and the Ministry of Economy and Trade have reached an agreement on new procedures to regulate and facilitate the opening of letters of credit for financing the import of essential goods and supplies. This initiative aims to enhance price stability and ensure a continuous supply of goods to the local market.
According to Libyan News Agency, the agreement was formed at a meeting held on Sunday, attended by the Governor of the Central Bank of Libya, Naji Issa, and the Minister of Economy and Trade, Suhail Abu Shiha, at the bank's headquarters in Tripoli. The discussions focused on mechanisms to provide essential goods and determine the priorities for the Libyan market in the upcoming period.
The bank's official page revealed that the meeting addressed the flow of letters of credit dedicated to financing these essential imports, ensuring import procedures are smooth and goods are available to citizens promptly.
Additionally, both parties agreed to enhance coordination between the Central Bank, the Ministry of Economy and Trade, and other relevant entities. This coordination aims to support market stability and maintain a consistent supply of essential goods, which is crucial for economic stability and a balanced market environment.
The discussions underscored the necessity of ongoing collaboration between the bank and ministry, emphasizing the need to monitor market demands and implement timely measures to meet citizens' basic needs.