The Governor of the Central Bank of Libya, Naji Issa, held a high-level meeting at the bank’s headquarters with the President and CEO of the Federation of Industry, several department directors from the Central Bank, and a group of key importers to address ongoing challenges in supplying essential food commodities ahead of the holy month of Ramadan.
During the meeting, they discussed ways of overcoming logistical and financial obstacles affecting the import of basic goods, particularly cooking oil, amid reports of shortages and price pressures in local markets.
For their part, officials emphasized the need for swift intervention to stabilize supply chains, ensure market availability, and prevent unjustified price increases during a period of heightened consumer demand.
As an immediate measure, suppliers committed to importing and distributing 2.5 million boxes of cooking oil within this week and next week. The shipment is intended to fill the current gap in the market and ease pressure on consumers. In parallel, the Central Bank confirmed that letters of credit valued at $100 million have already been opened for cooking oil imports, equivalent to approximately 6 million additional boxes.
The Governor stressed that all necessary banking and administrative procedures will be facilitated to accelerate the entry of essential goods into the country. The goal is to ensure that commodities are supplied at prices aligned with their actual cost and remain affordable to citizens, especially in light of the current supply shortage.
Participants also agreed to hold regular coordination meetings to monitor market conditions, track the flow of essential goods, and address any emerging disruptions promptly. The Central Bank reiterated its commitment to supporting food security, maintaining price stability, and coordinating closely with importers and relevant institutions.
