Libyan committee addresses LC fraud and exchange rate manipulation, implements economic safeguards

These reports highlighted the manipulation of documentary credits LC fraud and its impact on exchange rates, as well as low tax collection on imports and issues with unregistered companies. The committee adopted measures to safeguard the national economy, including identifying and blacklisting unregistered companies, and accelerating the launch of a unified electronic system to track goods and financial coverage. They also resolved to coordinate with the Ministries of Economy and Industry to establish reference prices for commodities and tasked the Municipal Guard with intensifying field inspections.

The article explains that LC fraud, which has increased since 2011, involves companies importing lower-valued goods than declared or not importing goods at all after obtaining LCs at official exchange rates, then selling the difference on the black market. Examples include the suspension of 85 companies for failing to import cooking oil with US$130 million in LCs and the referral of 11 companies to the Public Prosecutor's Office for transferring US$54 million without actual imports.