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
Portal: www.logistik-express.com