The Central Bank of Libya told our source that it is working to settle approximately $2.6 billion in outstanding letters of credit falling due in October, November, and December. It added that the sale of the corresponding foreign currency to commercial banks is carried out without any distinction between commercial and service activities.
The Central Bank added that it had settled letters of credit for grains and animal feed due to limited supply in the local market and expectations of shortages in global market supplies. It said it had coordinated with the Ministry of Economy to ensure the availability of strategic reserves, stressing that all commodities are essential to the Libyan economy and that it is not seeking to exclude any commodity.
The Bank also confirmed that it would continue selling foreign currency for personal purposes in accordance with the established mechanism. It said that rumors circulating in the market were intended to fuel speculation, amid the absence of state institutions tasked with combating and regulating this phenomenon.
