São Paulo – Libya is set to open credit letters for the import of basic items this week, said the interim minister of economy and trade of the Libyan Government of National Unity, Mohammed Al-Huwaij, on Sunday (22). In a press conference, he also mentioned that the country has three months’ worth of stocks of essential products, mainly food.
“I want to reassure people that there is a stock of basic commodities throughout the country, east, west and south, and that the goods are available, and we even export them,” he said according to Libyan state news agency Lana, citing, as an example, that the country has stocks equivalent to one hundred kilograms of sugar per capita, while the global average is 22 kilograms per year.
During this meeting with the press, Al-Huwaij urged banks and traders to “activate” their credit letters and adhere to the official prices of basic items. He called for security authorities to monitor and control prices and prevent speculation on the dollar and other foreign currencies. The official exchange rate in Libya is one dollar for every LYD 4.73. However, in the parallel market, one dollar buys more than LYD 8.
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Translated by Guilherme Miranda
