Posted by: The Libyan Observer

The Chairman of the Libyan Commerce and Industry Chamber, Mohammed Al-Raeid, said he expects Libya-Tunisia trade to experience a hike in 2018 as measures have been taken to facilitate the joint trade between the two countries.

“900 million dinars (643 million dollars at official bank rates) could be the money put in trade between Libya and Tunisia compared to 500 million dinars in 2017.” Al-Raeid explained, saying last year’s security challenges and shutdown of Ras Ajdair borders for 120 days in 2017.

He added that trade exchange will be hopefully reaching the rates of before 2011 (about two billion dollars a year) saying the good thing about importing Tunisian commodities include no customs tariffs and the fact that Tunisia is close to Libya.

“Libyan and Tunisian central banks have agreed to give letters of credit to Libyan businesspersons in Tunisian dinar instead of dollar, which boosts trade exchange.” Al-Raeid added.

Meanwhile, Libya’s Central Bank gave the green light to opening letters of credit and other transfers to import Tunisian commodities in Tunisian dinar as part of the Arab Maghreb Union Countries Agreement, provided that the goods are made in Tunisia.

Written By: AbdulkaderAssad