Latest news with #MinistryofEconomyandTrade
Libya Herald
11-07-2025
- Business
- Libya Herald
'Made in Libya' exhibition to be held in Benghazi from 10 to 13 August
The 'Made in Libya' exhibition will be held in Benghazi from 10 to 13 August. The organisers say the exhibition is a vital national platform that aims to highlight the capabilities of the Libyan industrial and productive sector. It aims to enhance the culture of local products among consumers, and opening new horizons for Libyan companies and factories towards growth and expansion. The organisation of the exhibition in Benghazi, the organisers add, the second economic and commercial capital of Libya, emphasises the importance of the city as a vital centre of economic activity and a window for Libyan products towards local and regional markets. . At the opening of the ''Made in Libya'' event in Niamey, Niger, Aldabaiba looked forward to the new transit trade road Cabinet approves projects with foreign entities: Roads, transit trade, feasibility studies, radar systems, culture and training ( The Forum and Exhibition for Transport and Transit Trade in Africa (AFRO-TT) opened in Algiers ( Algeria and Libya's strategic ''gateway'' location and sub-Saharan Africa's huge potential heralds great potential for transit trade ( Algeria and Libya's strategic ''gateway'' location and sub-Saharan Africa's huge potential heralds great potential for transit trade ( Ministry of Economy and Trade discusses mechanism of activating transit trade, free zones and Africa Transport and Transit Trade Forum ( ''Made in Libya'', Niamey, Niger 6 to 11 March 2023: to aid exports, transit trade and economic diversification ( Preparations for the second ''Made in Libya'' edition in Niamey, Niger progressing ( Libya prepares for ''Made in Libya 2'' exhibition in Niamey, Niger – exports and transit trade to Africa discussed ( Most of the ''Made in Libya'' exhibition space already allocated: Libya Industrial Union ( Minister of Industry and Minerals discusses cooperation with Military Industrialization Authority and latest preparations for the Made in Libya exhibition ( Libyan Industrial Union to co-organize a ''Made in Libya'' fair in Tunis in September ( Over 150 Libyan companies to participate in ''Made in Libya'' exhibition to be held in Tunis (
Libya Herald
02-07-2025
- Business
- Libya Herald
All imports into Libya must be paid for through official bank transactions
The Tripoli based Libyan Ministry of Economy and Trade has request that the Libyan Customs Authority start to implement its decree No. 42 of 2025 regarding the prohibition of imports and exports except through banking operations approved by the Central Bank of Libya (CBL). The decision applies to all Libyan ports of entry. The decision was first announced in the first quarter of this year and was planned to be implemented on 1 April. However, it was suspended due to objections from smaller importers. Analysis: Rationale and drawbacks Today's Ministry of Economy and Trade decision came on the recent prompting by the CBL. This comes as part of the CBL's efforts to reduce demand on hard currency in the black market, retain the value of the Libyan dinar in the black market and fight inflation. It will be recalled that the previous Tripoli based Libyan government under Faiez Sirraj had also unsuccessfully attempted to prohibit the import of goods without bank payment through decree 560 of 2020. It is also unclear if the eastern Libyan government will implement this western Libyan government decree. If it is not implemented in the east, it may divert some imports to eastern ports to be transported by road to western Libya. This would defeat the object of this decree CBL restricted list of importable goods through LCs One of the problems with official LCs is that the CBL and Economy Ministry had taken it upon themselves in the past to draw up a list of what they sees as necessary goods and products for which LCs can be opened. The CBL sees this as part of its effort to preserve Libya's diminishing hard currency reserves in view of the country's economic crisis. Libya's budget has been operating on a deficit for years made up through CBL loans. The deficit has been caused by several factors over the years. These include over dependence on hydrocarbons, Libya's politically motivated oil closures and the crash in international crude oil prices, the lack of diversification of the Libyan economy, the lack of local industry leading on a dependence on imports paid for by hard currency, a lack of control at ports and the failure to impose customs duties. Customs duties can direct imports, restrict demand and earn the state revenues. An attempt to solve the cash crisis The CBL also uses the implement of official LCs, by insisting a proportion of LCs is paid for in cash not by cheque or bank transfer, to force Libyan importers to get their cash hidden in their homes out into circulation. This they hope will help reduce the country's cash crisis. As a result of the loss of confidence by the public in the Libyan authorities, Libyans have been hoarding their cash at home. This has left the banks dry. Reduce the price of hard currency on the black-market Nevertheless, the imposition of restrictions on what goods can be imported leaves a raft of goods that cannot be imported through LCs. This gap has been filled by the nimble private sector who buy hard currency on the black-market (or who have hard currency abroad) to meet demand for goods off the LC list. Inflation, prices and cost of living Hence allowing goods to be imported outside the LC system creates demand for hard currency on the black-market. This helps push up the price of hard currency which has a knock-on effect on inflation, prices, cost and standard of living. Small business and grey economy There are many small businesses operating in the grey economy who also prefer to import goods using cash. That way they avoid the taxman and the red tape and bureaucracy of opening LCs. There are also accusations of corruption by bank officials in facilitating the opening of LCs. Taxing the grey economy By restricting the payment of imports to official banking transactions, the authorities would also have a better chance to tax small businesses operating in the cash grey economy. It is unclear if the Tripoli government will be able or willing to implement this new procedure to the letter. For example, Tunisian and Egyptian SME exporters and farmers engage in instant cross-border trade, especially for seasonal fruit and vegetables. These type of farmer exporters are used to the traditional cash-based transactions, reacting to the farming season and instant demand from Libya based on phone calls as prices in Libya become favourable. . CBL demands imports are conducted through official banking instruments and the elimination of the FX black market Imports at ports not paid for by LCs will no longer be released after 31 December Tripoli Libyan government reverses decision on imports needing LCs Libyan imports to continue to be allowed to enter without Letters of Credit payment prerequisite Fraudulent Libyan Letters of Credit money entering international financial system via London – Report CBL allows for opening of LCs for imports through land borders Tunisian goods entering Libya by land will no longer need to be paid for through Letters of Credit Acting Economy Minister meets smaller merchants objecting to restricting imports to official banking transactions
Libya Observer
02-07-2025
- Business
- Libya Observer
Libya launches digital platform for port operations
The Ministry of Economy and Trade of the Government of National Unity has officially launched the 'PTS' electronic trade portal to streamline the processing of commercial ship arrivals at Libyan ports. In a statement shared on its Facebook page, the ministry announced that, through joint agreements with the Libya Trade Network, the Ports and Maritime Transport Authority, and the Maritime Navigation Chamber, notifications of ship arrivals are now being exchanged electronically. As part of this initiative, the Libya Trade Network has activated a service that enables maritime inspection offices at ports to electronically receive ship arrival notices and cargo manifests, in line with approved procedures and operational standards. The ministry emphasized that this move is part of broader efforts to support digital transformation and improve trade facilitation, particularly in the logistics sector, in collaboration with the Ministry of Transport. Economy Tagged: Ministry of Economy and Trade Libyan ports
Libya Herald
01-07-2025
- Business
- Libya Herald
Ministry of Economy warns against currency speculation
The Tripoli based Libyan Ministry of Economy and Trade warned all in Libyan against currency speculation or buying foreign currencies for non-productive or legitimate consumer purposes. In a statement issued last Sunday (29 June), the ministry urged everyone to exercise caution, protect their savings, and not be swayed by market rumours or unofficial recommendations. Economic stability is a shared responsibility, it added, beginning with citizen awareness and ending with the proper implementation of official policies. At the time of publication of this article one USD purchased LD 7.70 on the black-market while the official exchange rate at banks is one dollar to LD 5.5677. The loss of value of the Libyan dinar on the black market is causing a major strain on the Libyan economy. Successive Central Bank of Libya Governors and governments have attempted unsuccessfully to retain the value of the dinar. Libya is a very centralised, undiversified rentier economy depending on hydrocarbon revenues for over 90 percent of its hard currency revenues.
Libya Herald
01-07-2025
- Business
- Libya Herald
Exchanging notifications of the arrival of commercial ships through the (PTS) electronic trade portal starts
The Tripoli based Libyan Ministry of Economy and Trade's Libya Trade Network announced yesterday that the notification exchange of the arrival of commercial ships through the PTS electronic trade portal has commenced. This service is based on joint working agreements between Libya Trade Network, the Ports and Maritime Transport Authority and the Chamber of Maritime Navigation. This comes within the framework of the development programmes that the Ministry of Economy and Commerce and its affiliates are working on in order to promote digital transformation and facilitate the movement of trade in related sectors, especially the logistics sector, in cooperation with the Ministry of Transport and its affiliated entities. This announcement states that as of 7 July, 2025, shipping agency companies registered with the Chamber of Maritime Navigation and carriers of goods received through the port of Khoms will be able to transmit arrival notices and their attachments to the maritime inspection office at the port via the PTS system. Improve Libya's ranking in trade facilitation indicators This work comes within a comprehensive plan implemented by the Libya Trade Network, to support the digital transformation strategy of the Ministry of Economy and Trade, develop digital infrastructure, and improve Libya's ranking in trade facilitation indicators and the business environment at the regional and international levels.
