Libya’s Stock Exchange started trading on Monday at a facility in the capital Tripoli, after being closed for more than nine years due to the political and security situation.
Arise News reported that the he prime minister of the Government of National Unity, Abdulhamid al-Dbeibah, and the market’s chairman of the board of directors, Bashir Mohamed Ashour, rang the bell to signal the return of trading, along with other dignitaries.
According to Al-Dbeibah, “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.”
“The bourse is “one of the means to improve the Libyan economy.”
He stated that the stock market would work to enhance the number of listings
According to the market’s media consultant, Lamin Haman, eight businesses were listed on Monday’s trading schedule, but only three of them traded.
A source claimed that the stock market also has a trading hall in Benghazi, the second largest city in Libya, where trading is scheduled to start up again the following week.
The market was established in 2006, but it was closed for more than a year following the fall of the former dictatorship of Mummar Gaddafi in the NATO-backed rebellion in 2011.
Trading was also halted in 2014 during a civil war between armed factions competing for authority. In the same year, the main North American oil producer in North Africa divided between warring eastern and western factions.
