The Central Bank of Libya revealed exclusively to our source that the number of reservations for letters of credit approved by banks since the launch of the credit reservation platform has reached 6,100 credits, with a total value of $6 billion. Of this amount, $3.7 billion has been transferred to the Central Bank, while the remaining value will be transferred once bank clients cover their credits.
According to the Central Bank, this reflects the full shift of demand for letters of credit to the banking sector and away from the black market, whose activity has declined due to the facilitation of access to credits for all importers, along with the regulations and restrictions that prohibited imports except through banking transactions. This, the bank added, will reduce the activity of the parallel market and shadow economy.
