The Central Bank of Libya (CBL) has allocated $100 million in letters of credit to import six million cartons of cooking oil and other essential food items, as part of preparations for increased demand during Ramadan.
The decision was made during a meeting on Sunday at the bank’s headquarters in Tripoli, attended by senior bank officials and suppliers.
In a statement posted on its official Facebook page, the bank stated that suppliers had committed to delivering 2.5 million cartons of cooking oil within the next two weeks. The remaining quantities will be imported using the approved credit facilities, bringing the total to six million cartons.
Officials also discussed obstacles affecting the supply of basic food commodities and measures to address them quickly. The aim is to ensure steady availability, ease current shortages, and help stabilize prices during Ramadan and the following months.
Central Bank of Libya
The Central Bank of Libya is the country’s primary monetary authority, established in 1956 to issue currency and manage monetary policy. It has played a critical and often divisive role in Libya’s recent history, notably functioning as a unified financial institution during the post-2011 civil war period despite the country’s political fragmentation.
Tripoli
Tripoli is the capital and largest city of Libya, located on the country’s Mediterranean coast. Historically, it was founded by the Phoenicians in the 7th century BC and later became a significant Roman city, with its old medina showcasing a rich history of subsequent Arab, Ottoman, and Italian colonial rule. Today, it serves as Libya’s major political, economic, and cultural center.
Facebook
Facebook is a social networking service founded in 2004 by Mark Zuckerberg and his Harvard University roommates. It began as a platform for college students before expanding globally, fundamentally changing online communication and becoming one of the world’s largest technology companies.
