Exclusive: Central Bank’s Director of the Banking and Monetary Control Department Warns, via Sada, of Smuggling Food and Other Goods to Neighboring Countries

The Director of the Banking and Monetary Control Department at the Central Bank of Libya revealed in a statement to our source: “If the smuggling of food and other goods to neighboring countries continues in the absence of relevant authorities controlling border crossings, it will have a significant negative impact on the national economy.

This will deplete the state’s foreign currency reserves and complicate the tasks of commercial banks and the central bank in performing their duties throughout the year 2024.”

He continued by saying: “The Ministry of Economy and Finance must take measures to protect the national economy and implement strict procedures towards exporters of food and other goods without organized official procedures, through export credits that ensure the supply of foreign currency to Libyan banks and its reuse instead of benefiting from it in speculation and profiting in the parallel market.”