The Libyan Stock Exchange resumed trading Tuesday in the cities of Tripoli and Benghazi, after a 9-year hiatus, due to the geopolitical tensions since 2014, according to the Libyan News Agency.
The Libya Stock Exchange began its activity in 2006, and stopped trading for a year after the fall of the late Leader Muammar Gaddafi. The stock exchange stopped its activity again, during war between the armed factions in 2014.
Prime Minister of the National Unity Government Abdul Hamid Al-Dabaiba said during the opening ceremony today that the return of work on the stock exchange contributes to alleviating the burdens on the state’s economy, adding that the government will provide full support so that the market can perform its duties like other global markets.
As of December 2022, Libya's domestic debt amounted to about $31.7 billion. The volume of Libya's oil production is about 1.25 million barrels per day, with government plans to reach 2 million barrels during the next five years, according to Mohamed Aoun, the Libyan Minister of Oil and Gas.
Lamine Haman, a media advisor in the stock market, said that out of 10 companies, 8 were listed on today’s trading schedule, but only 3 of them started trading, according to what was reported by Reuters.
Chairman of the Board of Directors of the Libyan Stock Market Bashir Ashour, said in the statement: “We seek to bring about a qualitative shift in the market, subject to the stability and development of the state’s sectors.”
Last August, the Central Bank of Libya was unified as a sovereign institution, after 9 years of division also due to political turmoil in the country.
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