Advertisement

Updated December 25th, 2023 at 23:27 IST

After 9-year long hiatus, Libya's stock market resumes trading

Closure of the capital market was triggered by political and security situation in the country.

Business Desk
Libya
Libya has been ravaged by political and military turmoil for last several years | Image:AP
Advertisement

After a hiatus of nine years, Libya's Stock Market resumed trading on Monday at a hall in the capital Tripoli. The closure of the capital market was triggered by political turmoil and fragile security situation in the country. 

Prime Minister of the Government of National Unity Abdulhamid al-Dbeibah and the market's chairman of board of directors Bashir Mohamed Ashour with other officials rang the bell to announce the resumption of trading.

Advertisement

The stock market also has a trading hall in Libya's second city of Benghazi where trading is expected to resume next week. 

Dbeibah said the bourse was "one of the means to improve the Libyan economy".

Advertisement

"The importance of the stock market is embodied in doubling the gross domestic product and helping to close the budget deficit, which reduces the burden on the state’s general budget," Ashour said.

He said the market's success would depend on the "stability and development of the various sectors of the state".

Advertisement

He said the stock market would strive to bring about an increase in the volume of listings.

Out of 10 companies, eight were listed on Monday's trading schedule, but only three of them traded, Lamin Haman the market's media adviser said.

Advertisement

The market was launched in 2006. After the fall of the former regime of Mummar Gaddafi in the NATO-backed uprising in 2011, it suspended trading for more than 12 months.

During a civil war between armed factions vying for power in 2014, trading was again suspended. In the same year, the major oil producer in North Africa divided between warring eastern and western factions. 

Advertisement

(With Reuters Inputs) 

Advertisement

Published December 25th, 2023 at 22:57 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Whatsapp logo