The Minister of Economy and Trade, Suhail Abu Shiha, met yesterday, Sunday, with the committee formed by traders to discuss the ministry’s publication regarding the necessity of conducting export and import banking operations through intentional banking transactions.
The participants discussed the obstacles and difficulties faced by traders from the Central Bank in opening bank credits, emphasizing that such procedures cause disruptions in the flow of essential goods and adversely affect small traders.
The acting Minister of Economy and Trade indicated that the procedures for opening bank credits are in accordance with the legal regulations of the state under the Commercial Activity Law of 2010. He mentioned that illegal transfers lead to inaccuracies in import and export data in the national accounts, contributing to the creation of a parallel foreign currency market. Abu Sheiha pointed out that the volume of open credits has exceeded $12.5 billion, equivalent to more than 60 billion Libyan dinars, wondering how companies supplying goods through the parallel market at a rate of 6 dinars to the dollar can compete with companies receiving credits at a rate of 4.80.
Abu Shiha confirmed that credits have been opened for all market needs, surpassing the local market consumption, assuring that the Ministry of Economy and Trade will work to preserve the rights of consumers and traders. He highlighted that efforts will be made to address the challenges arising from law enforcement with relevant authorities.