The Central Bank of Libya (CBL) has officially announced the readiness of its Foreign Currency Booking Platform, marking a key step in its ongoing efforts to modernize the mechanism for issuing letters of credit.
Following a one-week trial phase, the CBL confirmed that the platform is now fully operational and prepared to receive and process foreign currency coverage requests for imports. The trial period yielded promising initial results: access credentials were granted to 2,112 authorized users, with 1,008 successfully registering their companies on the platform. In total, 2,753 company registration requests were submitted, of which 1,632 have already been verified.
According to the CBL, the launch of the platform will streamline and accelerate procedures, while significantly improving the efficiency and transparency of foreign currency access for Libyan businesses.
The initiative is part of a broader reform package aimed at supporting the value of the Libyan dinar and curbing the influence of the black market in foreign exchange operations.
Libya has been in chaos since a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011. The county has for years been split between rival administrations.
Libya’s economy, heavily reliant on oil, has suffered due to the ongoing conflict. The instability has led to fluctuations in oil production and prices, impacting the global oil market and Libya’s economy.
The conflict has led to a significant humanitarian crisis in Libya, with thousands of people killed, and many more displaced. Migrants and refugees using Libya as a transit point to Europe have also faced dire conditions.
The planned elections for December 2021 were delayed due to disagreements over election laws and the eligibility of certain candidates. This delay has raised concerns about the feasibility of a peaceful political transition.
Despite the ceasefire, security remains a significant concern with sporadic fighting and the presence of mercenaries and foreign fighters. The unification of the military and the removal of foreign forces are crucial challenges.
