After a hiatus of over 9 years because of the political and safety scenario, Libya’s inventory market resumed buying and selling on Monday at a corridor within the capital Tripoli.
The Government of National Unity (GNU) Prime Minister Abdul Hamid Mohammed Dbeibah and the market’s chairperson of the board of administrators Bashir Mohamed Ashour along with different officers rang the bell to announce the resumption of buying and selling.
The inventory market additionally has a buying and selling corridor in Libya’s second metropolis of Benghazi the place buying and selling is anticipated to renew subsequent week, a supply mentioned on Monday.
Dbeibah mentioned the bourse was “one of the means to improve the Libyan economy.”
“The importance of the stock market is embodied in doubling the gross domestic product (GDP) and helping to close the budget deficit, which reduces the burden on the state’s general budget,” he mentioned.
Ashour mentioned the market’s success would rely upon the “stability and development of the various sectors of the state.”
He mentioned the inventory market would attempt to result in a rise within the quantity of listings.
Out of 10 corporations, eight had been listed on Monday’s buying and selling schedule, however solely three of them traded, Lamin Haman the market’s media adviser mentioned.
The market was launched in 2006. After the autumn of the previous ruler Moammar Gadhafi within the NATO-backed rebellion in 2011, it suspended buying and selling for greater than 12 months.
During a civil conflict between the U.N.-backed authorities and different armed teams in 2014, buying and selling was once more suspended. In the identical 12 months, the main oil producer in North Africa divided between warring japanese and western factions.
Source: www.dailysabah.com