Doubts Over Channelling Imports Only Through Banks; Call to Control Prices of Goods Brought In on Letters of Credit
LIBYA – Economic analyst Mukhtar Al-Jadeed said no basic foodstuffs enter Libya without documentary letters of credit.
Parallel-Market Dollars Do Not Allow Competition
In a post on his personal Facebook page, Al-Jadeed said it makes no sense for a supplier of sugar, oil, milk or similar goods to buy dollars on the parallel market to import them and then compete with importers who obtain letters of credit.
Question Over Price Control
Al-Jadeed asked: “Where did you get the idea that by banning imports except through banks you will be able to control prices?” He added: “The prices of all food goods come in on letters of credit right in front of you — so control them if you can.”
