Author Archive | editor2

Central Bank Eases Forex Transfers

Following the anger expressed at a recent forum of the Libyan Businessmen Council in Tripoli, the Central Bank of Libya (CBL) has partially eased foreign currency transfer restrictions for Libyan companies importing certain goods. Libya Herald reports that the CBL Governor’s decision No.1 of 2013 has allowed the transfer of foreign currency for the import […]

Silence on Oil Deals "a Setback for Transparency"

The National Oil Corporation (NOC) has told Reuters that it will not reveal the details of its oil sales this year. While oil producers commonly keep details of crude deals secret, the agency reports that Libyan officials promised to publish details of Libya's oil deals following more than 40 years of secrecy under the Gaddafi […]

Video: Benghazi English Teachers Happy to Stay

From Jewish News One. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Libya Business News. Some Western expat English language teachers working in Benghazi say they don't want to leave the city, despite European countries urging their nationals to do so: (Source: Jewish News One)

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Some Foreign JVs Get Temporary Reprieve from New Law

Foreign joint venture companies that were registered before Decree 207 of 2012, which compelled the reduction of their equity holding to a maximum of 49 percent by this month, have been given a temoorary reprieve. Libya Herald reports that under the Ministry of the Economy's Decree 22, an extension has been granted for JVs that […]

Getting the Balance Right

Libyan authorities have announced in recent days that all foreign visitors to the country must have a visa, something which was not previously required for travellers from countries such as Tunisia, Turkey and Jordan. Additionally, only Egyptians and Libyans are to be allowed to use the border crossing at Musaid. While the intention is ostensibly […]

Qatari Bank Targets Libya

A Qatari bankm is reported to be seeking shareholder approval increase its capital in order to buy a strategic stake in a Libyan commercial bank. In a bourse filing, he sharia-compliant Masraf Al Rayan bank said it will ask shareholders to approve the stake purchase, but it did not say which Libyan bank is to […]

Libya Clamps Down on Immigrants, Visitors

Libya Herald reports that all foreign visitors to Libya will in future require visas. The decision by Interior Minister Ashour Shuwail will apply to visitors from Tunisia, Turkey and Jordan, who until now have not required visas to visit the country. The move is part of a wider clampdown on immigration, including a ruling that […]

Sanofi Pharma Plant for Ajdabiya?

French pharmaceutical company Sanofi is reported to be considering building a factory in Libya to produce drugs for diabetes and blood pressure problems. The project, to be based south of Ajedabia [Ajdabiya], would provide many jobs in the area. (Source: Libya Investment)