A number of traders in the parallel market told our source that they had closed their offices in Al-Mushir Market following recent security measures taken against them, noting that the Governor of the Central Bank of Libya has so far not granted any company or exchange office final authorization to operate, nor have clear mechanisms been set to regulate the work of these offices.
The traders added that raids on the currency market are nothing new. In 2015, the market was raided by a security agency and a number of traders were arrested, and the same scenario was repeated in 2018 by another security body. They questioned the outcomes of such measures, given the persistence of the same crises.
According to the traders, the concerned authorities at times ignore oil shutdowns and currency printing, while placing the blame for rising prices on speculation in front of public opinion. They added that the current measures overlook the trade deficit, declining oil revenues, Arkno Company’s control over nearly a third of oil revenues, as well as issues related to letters of credit and bank financing, cross-border smuggling of goods, financial corruption, political division, parallel spending, and rising public expenditure.
