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The Central Bank introduces a new classification for letters of credit to regulate imports and control the market.

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Tripoli, January 18, 2025 (LANA) – The Central Bank of Libya announced the preparation of an updated classification for companies eligible to open letters of credit at the official exchange rate. This initiative is part of ongoing coordination and cooperation with the Ministry of Economy and Trade, and aims to enhance transparency and ensure the availability of essential goods in the local market.

In an official letter addressed to the Minister of Economy and Trade, the bank explained that the new classification comprises 12 volumes containing all approvals granted during 2025. The companies have been organized and categorized according to the nature of their imported goods, which will contribute to tighter control over the flow of letters of credit and their allocation to different sectors.

The classification includes companies importing foodstuffs, raw materials and production supplies, building materials, animal feed and agricultural supplies, transportation equipment and spare parts, electronic devices, pharmaceuticals and medical supplies, infant formula and baby food, cleaning materials, household and electrical appliances, furniture, clothing, footwear and textiles, as well as tobacco and stationery.

The Central Bank affirmed that this classification aims to enable relevant authorities to accurately review the distribution of letters of credit by sector, support monitoring and oversight efforts to secure essential and non-essential goods, and contribute to combating monopolistic practices, speculation, and exploitation.

The Bank also noted the absence of a guiding budget issued by the Ministry of Economy and Trade specifying the quantities of goods needed to meet local market demands. It emphasized that the next phase requires enhanced joint coordination to regulate the opening of letters of credit and ensure companies' compliance with approved regulations and instructions.

The Central Bank stressed that approvals for opening letters of credit are granted only after verifying the submission of all required official documents, including the commercial registration and necessary business licenses. This contributes to protecting price stability, ensuring sound foreign exchange management, and strengthening the national economy.

The Bank indicated that these measures are taken to protect the public interest, achieve market equilibrium, safeguard consumer rights, and support economic stability in the country.

...(LANA)...