New law bans import of many goods in Libya by letter of credit
Wood, juices, energy drinks, furniture and more products are affected by the regulations of the self-appointed government in Tripoli
The Ministry of Economics of the self-appointed government in Tripoli has passed the law no. 147 for the year 2015 on 13 May. This law is a sort of economy measure against the strong decline of the foreign exchange reserve, as informs Außenwirtschaft Austria, a department of the Austrian Economic Chamber in charge of foreign trade.
The law will ban importation by letter of credit of the following goods for six months:
1. motor vehicles
2. bikes and motorbikes
3. jet skis
4. cosmetics and perfumes
5. leisure products
6. toys and sports equipment
7. handkerchiefs
8. car accessories
9. all types of leather
10. hunting weapons and fireworks
11. concrete and wood pillars
12. marble, tiles, ceramics, bathroom fittings
13. all types of wood
14. carpets, curtains and their accessories and fabrics
15. leather or plastic cases and bags; except schoolbags
16. concrete steel
17. mobile phones and accessories
18. furniture (home and office)
19. tools for workshops
20. (Packaged) not natural juices
21. cookies and chocolate; excluding raw material for further processing
22. fruit juice concentrate (powder, nectar)
23. Preserved, frozen, packaged and pickled vegetables
24. breakfast cereals (cornflakes) and chips
25. mineral waters and carbonated water
26. liquid detergent and liquid chlorine
27. all types of dough
28. nuts
29. olive oil
30. harissa (hot spice paste)
31. energy drinks
32. seafood and caviar
Detailed explanations of the products could not be obtained yet. Remains to be seen, according to the Austrian foreign trade department, to what extent this law has national relevance (will the Tobruk government support this measure?), how will it be handled by the banks and the central bank and to what extent alternative payment options for importing these products can be used.
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Quelle: LogEastics
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