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By Libya Herald reporter.
Tunis, 6 December 2015:
The Central Bank of Libya (CBL) has issued a directive to all local Libyan banks (dated 30 . . .[restrict]November but published) today that all Documentary Letters of Credit and transfers for goods and services to Tunisia are to be transacted in Tunisian Dinars.
It also ruled that export certificates must be issued for goods or services imported from Tunisia into Libya.
The bank said that this new procedure is prescribed by existing agreements signed with Tunisia.
The move by the CBL is seen as part of its continuing efforts to save its hard currency reserves which have been depleting due to the sharp fall in international crude oil prices and the slump in Libyan oil production.
The prescription by the CBL that imports from Tunisia are to be accompanied with an export certificate are also part of the bank’s efforts to fight corruption in the fraudulent transfer of hard currency out of Libya without goods or services being imported of realistic equivalent value. [/restrict]
