Our responsible source at the Central Bank of Libya revealed exclusively that the total value of banks’ requests to cover September’s letters of credit transferred to the Central Bank during the month amounts to $3.7 billion, which will be executed and approved next week. Of this, $1.8 billion will be paid to commercial banks, while $1.9 billion will receive final approval and coverage.
This volume of letters of credit confirms the success of the letters of credit reservation platform in ensuring fairness among suppliers and small traders. The Central Bank continues to cover both letters of credit and personal purposes.
