Our senior source at the Central Bank of Libya revealed exclusively that the credit booking platform has achieved its goals, enabling all importers—including small traders—to reserve foreign currency for the purpose of opening letters of credit. The approval and coverage process is ongoing by commercial banks and the Central Bank.
The source added that approvals for September have been granted and are ready to be disbursed to banks, amounting to about $1.7 billion. Meanwhile, commercial banks have already granted approvals to their clients for an additional $1.3 billion, which is being covered. This brings the total demand for letters of credit to nearly $3 billion, equivalent to 19 billion Libyan dinars, which the Central Bank will work to cover.
According to the source, the bank continues to accept personal foreign currency requests on a daily basis.
