Libya's Minister of Economy and Trade, Saleh Abushiha, issued a decision allowing the temporary importation of goods and commodities using foreign currency from the parallel market until March 31, 2027. This move aims to alleviate pressure on the country's foreign exchange market. The decision was made in accordance with the legal and regulatory procedures in effect.
The decision, numbered 555 of 2026, permits the use of foreign currency from the parallel market for importing goods, while maintaining restrictions on importing certain essential goods and medicines. These restricted items include wheat, animal feed, soybeans, corn, sugar, and various types of cooking oils. The ban on importing these goods through the parallel market remains in effect.
However, there are exceptions to this ban. In cases of extreme necessity, prior permission for importation may be granted. This permission will be issued by the Minister of Economy and Trade for basic goods and by the Minister of Health for medicines and pharmaceutical preparations. The permission must specify the type and quantity of goods, as well as the importing entity.
The decision also emphasizes that relevant authorities must refrain from completing import procedures or releasing shipments that do not have the required prior permission. Obtaining an exceptional permit does not exempt importers from meeting other regulatory requirements. This move is part of Libya's efforts to manage its foreign exchange market and regulate trade.
In a related development, the Libyan Customs Authority announced the suspension of Decision No. 160 of 2026 and the re-adoption of a customs dollar rate of 2.12 Libyan dinars. This decision was made in accordance with a letter from the Minister of Finance. The new rate will be used to calculate customs duties and taxes for goods that have not yet been cleared.
The Libyan government has been working to address economic challenges, including a shortage of foreign currency and a widening gap between the official and parallel exchange rates. The country's economic situation has been affected by various factors, including the ongoing conflict and instability in the region.
The decision to allow imports through the parallel market is seen as a temporary measure to alleviate pressure on the economy. The government continues to work towards finding a more sustainable solution to the country's economic challenges. The parallel market has been a significant source of foreign currency for importers, but it also poses risks, including inflation and currency fluctuations.
Key points
- The Libyan government allows importing goods through the parallel market until March 2027.
- The decision excludes certain essential goods and medicines from the parallel market importation.
- The customs dollar rate has been re-adopted at 2.12 Libyan dinars.
