Tripoli: The Central Bank of Libya has unveiled an updated classification for companies eligible to open letters of credit at the official exchange rate. This move is designed to regulate imports and maintain market control. The initiative is part of an ongoing collaboration with the Ministry of Economy and Trade, aimed at enhancing transparency and ensuring the availability of essential goods in the local market.

According to Libyan News Agency, the Central Bank detailed in an official communication to the Minister of Economy and Trade that the new classification includes 12 volumes documenting all approvals granted during 2025. Companies are organized based on the nature of their imported goods, which is expected to facilitate more effective control over the flow of letters of credit and their allocation across various sectors.

The classification encompasses companies that import a wide range of goods. These include foodstuffs, raw materials, production supplies, building materials, animal feed, agricultural supplies, transportation equipment, spare parts, electronic devices, pharmaceuticals, medical supplies, infant formula, baby food, cleaning materials, household and electrical appliances, furniture, clothing, footwear, textiles, tobacco, and stationery.

The Central Bank asserted that the purpose of this classification is to enable relevant authorities to precisely review the distribution of letters of credit by sector. This effort supports monitoring and oversight to secure both essential and non-essential goods, while also combating monopolistic practices, speculation, and exploitation.

Additionally, the Bank highlighted the lack of a guiding budget from the Ministry of Economy and Trade that specifies the quantities of goods required to meet local market demands. It emphasized the need for enhanced joint coordination in the next phase to regulate the opening of letters of credit and ensure companies’ compliance with established regulations and instructions.

Furthermore, the Central Bank underscored that approvals for opening letters of credit are contingent upon verifying all necessary official documents, including commercial registration and business licenses. These measures aim to protect price stability, ensure sound foreign exchange management, and bolster the national economy.

The Bank indicated that these actions are intended to protect public interest, achieve market equilibrium, safeguard consumer rights, and support the country’s economic stability.