{"id":254352,"date":"2025-07-31T11:39:38","date_gmt":"2025-07-31T09:39:38","guid":{"rendered":"https:\/\/sada.ly\/en\/?p=254352"},"modified":"2025-07-31T11:39:38","modified_gmt":"2025-07-31T09:39:38","slug":"exclusive-zantouti-to-sada-7-commission-tempts-currency-dealers-exchange-companies-could-become-a-legit-mushir-market-and-i-doubt-the-central-banks-ability-to-co","status":"publish","type":"post","link":"https:\/\/sada.ly\/en\/exclusive-zantouti-to-sada-7-commission-tempts-currency-dealers-exchange-companies-could-become-a-legit-mushir-market-and-i-doubt-the-central-banks-ability-to-co\/","title":{"rendered":"Exclusive: Zantouti to Sada: 7% Commission Tempts Currency Dealers, Exchange Companies Could Become a \u201cLegit Mushir Market\u201d\u2026 and I Doubt the Central Bank\u2019s Ability to Control It"},"content":{"rendered":"\n

Financial analyst Khaled Al-Zantouti<\/em> told our source in an exclusive statement:
\u201cI am undoubtedly in favor of these regulatory measures \u2014 but what matters is their implementation.\u201d<\/p>\n\n\n\n

He added:
\u201cExchange companies are theoretically channels for buying and selling foreign currency and carrying out local and international money transfer services. They also play a positive role in supporting tourism, trade, and all economic activities related to international commerce. So, there\u2019s no disagreement on the concept or role of exchange companies. Most countries adopt such channels under the supervision of central banks due to their activities being tied to key variables such as exchange rates and money supply.\u201d<\/p>\n\n\n\n

He continued:
\u201cThe Central Bank of Libya has issued many relevant legislations, including the 2010 law and subsequent regulations \u2014 the most recent of which was just released.
The real issue will be in implementation and the exploitation of these channels for illicit transfers and to cover certain aspects of corruption.
I believe those currently controlling the parallel market will try to dominate a large portion of the activities of licensed exchange companies. Some may even offer millions to purchase these companies, and I fear they will resume their previous activities from Al-Mushir market but under the legal cover of exchange companies.\u201d<\/p>\n\n\n\n

He also stated:
\u201cA 7% commission for exchange companies is a high figure that will certainly tempt currency dealers, and they will use all means to achieve it. It wouldn\u2019t be surprising to see a new parallel market emerge within these exchange companies \u2014 an OTC (Over The Counter)<\/em> scenario.
In my personal opinion, if this rate (or a lower one) was set as a cap, exchange companies could then compete under that limit.\u201d<\/p>\n\n\n\n

He added:
\u201cI also hope exchange companies will be allowed to trade in international currency markets, in accordance with international standards \u2014 with the freedom to buy dollars, not just sell them, and with a narrow margin between buy and sell prices.\u201d<\/p>\n\n\n\n

He emphasized:
\u201cAs for the new system for opening letters of credit, I am uncertain about its technical capability to monitor credit from initiation until the goods arrive at Libyan ports.
Our problem with letters of credit has been clear for years \u2014 goods often don\u2019t arrive according to the specifications and terms stated.
Even Al-Mushir market\u2019s dollar supply is partly based on stolen letter-of-credit funds, with large portions being converted to liquid dollars via shell companies and third parties in the UAE or Turkey.
It\u2019s a complex scheme \u2014 credit holders exploit it by converting parts into cash, which is then brought into Al-Mushir market and sold on the parallel currency market. Can these procedures and this new system correct the flaw? We hope so.\u201d<\/p>\n\n\n\n

He concluded:
\u201cAs for the impact on the dinar\u2019s exchange rate and any possible devaluation, that will depend on the Central Bank\u2019s ability to defend the fair value of the dinar under all circumstances, and how well it can regulate exchange companies and letters of credit according to current legislation and international standards. Frankly, I doubt it \u2014 may God help them.\u201d<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Financial analyst Khaled Al-Zantouti told our source in an exclusive statement:\u201cI am undoubtedly in favor of these regulatory measures \u2014 but what matters is their implementation.\u201d He added:\u201cExchange companies are theoretically channels for buying and selling foreign currency and carrying out local and international money transfer services. They also play a positive role in supporting […]<\/p>\n","protected":false},"author":13,"featured_media":254353,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[624,617,613],"class_list":["post-254352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-central-bank-of-libya","tag-currency","tag-libya"],"acf":[],"_links":{"self":[{"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/posts\/254352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/comments?post=254352"}],"version-history":[{"count":3,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/posts\/254352\/revisions"}],"predecessor-version":[{"id":254357,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/posts\/254352\/revisions\/254357"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/media\/254353"}],"wp:attachment":[{"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/media?parent=254352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/categories?post=254352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sada.ly\/en\/wp-json\/wp\/v2\/tags?post=254352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}