The Central Bank of Libya announced that it has reached an agreement with a number of suppliers to deliver approximately 2.5 million boxes of cooking oil within two weeks. This is part of efforts to compensate for the current shortage in the local market as the holy month of Ramadan approaches.
The bank clarified that there are ongoing credits worth $100 million for the supply of the equivalent of six million boxes of oil, noting that this step aims to enhance the availability of basic commodities and alleviate pressure on consumers.
It confirmed that the supply will be carried out gradually in the coming period, in coordination with the relevant authorities, to ensure the quantities reach the markets in a timely manner.
Central Bank of Libya
The Central Bank of Libya is the primary monetary authority of Libya, established in 1956 to issue currency and manage the country’s financial reserves. It has played a critical and often divisive role throughout Libya’s modern history, including during the Gaddafi era and the subsequent civil conflicts, where control of the bank and its assets became a major point of contention between rival governments.
Libya
Libya is a North African country with a rich history rooted in ancient civilizations like the Phoenicians and Romans, followed by centuries of Arab and Ottoman influence. In the modern era, it was an Italian colony before gaining independence in 1951, later becoming known for Muammar Gaddafi’s lengthy rule from 1969 until the 2011 revolution. Its cultural heritage includes UNESCO World Heritage sites such as the ancient Greek city of Cyrene and the Roman ruins of Leptis Magna.
