The Libya Business Council (LBC) warned of the possibility of food shortages and price increases, especially in foodstuffs, due to the inflexible policies introduced by the Tripoli Central Bank of Libya (CBL) on the opening of Letters of Credit, adding that this was especially the case in view of the current conditions the country is going through, in reference to war on Tripoli, the oil blockade and the outbreak of the Coronavirus – and their ramification on prices, supplies and trade.

LBC chairman Abdalla Fellah, warned of the upward increases in prices in the local market and his fear of the scarcity of goods, especially food stuffs, due to the inability to import and the usual flow of goods as a result of the prohibitive requirements contained in the CBL’s 8 April publication No.2 to local banks on the conditions for opening LCs.

It will be reminded that the CBL published a list of selected companies it had opened LCs for.