Prolonged stalemateAdvertisement ›Libya has remained mired in crisis since the postponement of national elections, originally planned for December 2021. The impasse between rivals Government of National Unity (GNU) based in Tripoli (in the West), and the eastern-based Government of National Stability (GNS) which is aligned with the House of Representatives (HoR) and the Libyan National Army (LNA). The stalemate has been driving the country’s political, security and economic instability, including contributing to the scale of destruction and tragic loss of life caused by Storm Daniel in Derna and surrounding areas in September. Preconditions by some actors“I am pleased to report that none of the institutional players outrightly rejected my invitation,” Mr. Bathily added, explaining that some set out conditions for their participation. “This not only infringes their fundamental rights but also erodes the rule of law in Libya and further reduces public trust in the justice system and political process,” Mr. Bathily said.

AdvertisementAfter a hiatus lasting more than nine years due to political and security challenges, Libya's Stock Market reopened for trading on Monday in a hall located in the capital city of Tripoli. AdvertisementAnother trading hall in Benghazi, Libya's second-largest city, is expected to recommence trading next week, according to a source. Prime Minister Dbeibah highlighted the significance of the stock market in bolstering the Libyan economy. AdvertisementAshour stressed that the success of the market would hinge on the stability and development of various sectors within the state. AdvertisementThe Libyan Stock Market, inaugurated in 2006, faced disruptions following the fall of the Gaddafi regime in 2011 during the NATO-backed uprising, leading to a suspension of trading for over 12 months.

Unity and Vigilance Emphasized at Libya’s 72nd Independence Day CelebrationThe 72nd Independence Day celebration in Libya was marked by a call for unity and vigilance against division, as the nation grapples with political instability. He reiterated the sacrifices made by the founding fathers and emphasized that Libya is a trust that must be preserved, along with its independence. Libya’s Struggle with Political InstabilityDespite celebrating 72 years of independence, Libya is contending with political tribulations that threaten its unity. Looking Towards a Future of Unity and StrengthLibya’s Prime Minister Abdel Hamid Dbeibeh echoed Al-Haddad’s sentiments during the nation’s independence anniversary. Dbeibeh also underscored the importance of maintaining the prestige of the independence flag as a symbol of jihad, union, and heritage.

The Libyan Prime Minister Abdul Hamid Dbeibah attended Monday the reopening of trading in the buying and selling of shares for entities listed in the Libyan Stock Market after a nine-year hiatus. The reopening ceremony was at the headquarters of the Libyan Stock Market, as Dbeibah rang the bell in the Tripoli and Benghazi halls. The Libyan Prime Minister expressed his desire for all Libyans to participate in the Libyan Stock Market, wishing it would not only to be limited to institutions, but also to individuals and "large sectors." "This is a rebirth for the Stock Market sector, which enjoys a high position in the economy... He considered that this is an appropriate time for the return of activity and trading in light of a stable security situation, stressing that the challenges facing the Stock Market are very great.

TRIPOLI, Dec 25 (Reuters) - Libya's Stock Market resumed trading on Monday at a hall in the capital Tripoli after more than nine years of closure because of the political and security situation. The stock market also has a trading hall in Libya's second city of Benghazi where trading is expected to resume next week, a source said on Monday. "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," he said. He said the stock market would strive to bring about an increase in the volume of listings. 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.

The National Accord Bloc of the High Council of State (HCS) announced on Monday its denunciation of the statements of US Ambassador Richard Norlad on National Independence Day. The bloc expressed – in a statement – its condemnation of “the crude statements of the American ambassador, which are outside diplomatic decorum, and which express arrogance in dealing with Libyan sovereign institutions.”The National Accord Bloc made clear that interfering in Libyan political affairs with inappropriate statements is completely unacceptable. “The Libyan people have suffered terribly in the wake of the devastating flooding that hit eastern Libya. The solidarity they demonstrated was a clear reminder that Libyans remain united. We urge Libyan leaders to show similar unity of purpose and fulfill their responsibilities to the Libyan people in order to deliver long-term stability, security, and prosperity,” he added.

Libya has been ravaged by political and military turmoil for last several years | Image: APAdvertisementAfter 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. AdvertisementThe stock market also has a trading hall in Libya's second city of Benghazi where trading is expected to resume next week. AdvertisementHe said the stock market would strive to bring about an increase in the volume of listings. 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.

Libyan Government Reopens Stock Market, Aims for Economic StabilityIn a determined move towards economic revival, the Prime Minister of Libya’s Government of National Unity, Abdul Hamid Dbeibah, has voiced the government’s resolve to surmount the substantial economic challenges beleaguering Libya. He expressed these sentiments during the recent reopening of the Libyan stock market in Tripoli and Benghazi. He noted that the current period of security stability in the country makes it the perfect time for the reopening of the stock market. Dr. Bashir Ashour, the Chairman of the Libyan Stock Market, echoed Dbeibah’s commitment. Meeting International StandardsMahmoud Wefati, the head of the Libyan Stock Market Authority, expressed gratitude for the government’s facilitation in reopening the market.

Echoes of Independence: Libya at 72On this day, seventy-two years ago, the United Nations issued a formal document marking Libya’s attainment of legal independence, a milestone that carried the echoes of blood, tears, and revolutionary fervor. A truly independent nation is not only characterized by an independent populace but also by a robust government, constitutional institutions, protective laws, and a judiciary with constitutional immunity. Regrettably, Libya, at present, lacks these essential elements, suggesting a need to re-establish its independence. The Path ForwardAs Libya marks its 72nd independence anniversary, the country must look towards its true patriots, who comprehend that an independent nation is strong, just, wealthy, dignified, and beneficial for all. It is these patriots who, like the ancestors of the country, will ensure that the principle of Libyans governing Libya is upheld, steering the nation towards a future of unity, strength, and true independence.

Marking the 72nd anniversary of Libya’s independence yesterday, UNSMIL bemoaned the fact that Libya has failed to hold elections for the second year in succession. The international community also needs to stand united in word and deed and urge Libyan stakeholders to choose the path of peace, unity, and democracy. And on a broader level, has the international community failed the Libyan people? The question must also be asked: Does the international community really want Libyan elections to be held, or are they just paying lip service to the idea to appease the Libyan public? Are the international community reverting to form, preferring stability at the expense of an unknown result from elections – stability for their own national interests rather than prioritising the national interests of Libya?

Saddiq Kabeer, Governor of the Central Bank of Libya, chaired an internal meeting today with “relevant departments of the bank to discuss the adoption of the estimated budget for 2024 ,” according to a brief statement by the bank.

Libyan Islamic Bank (LIB) has partnered with Backbase, a Dutch financial technology company that provides engagement banking for financial institutions, “to streamline its customer service operations and enhance its customers’ digital banking experience,” according to a statement by the Dutch company. The initiative to revamp LIB’s existing mobile app for retail customers and introduce new digital apps for business users. “This move is expected to significantly reduce friction in customer onboarding and servicing processes, thereby promoting a smoother, more intuitive banking experience. Backbase stands out as a market leader with top-notch innovative digital platform capabilities, making it a preferred choice for this partnership,” said Backbase. This partnership signifies our commitment to providing our customers with more streamlined and efficient banking solutions.

The Attorney General’s Office announced last Saturday that the Judicial Control Officer at the Customs Authority in Benghazi and another person who bribed him were held in detention. Their detention was in connection with the case of the Judicial Control Officer allowing a container later found to be containing 208,000 narcotic pills through the port of Benghazi without subjecting it to the required inspection.

The Minister of Economy and Trade in the Tripoli based Libyan government, Mohamed Al-Hwej, issues a decision (No. Decision 485 had obliged all importing companies to place labels/data on supplied products on the inner and outer packaging of the imported commodity in Arabic. The Ministry of Economy said the suspension is to give a formed committee time to complete its review of the labelling decision in accordance with the proposals of the Libyan Business Council (LBC) and the Union of Chambers of Commerce and Industry. Importers objected to regulation changeIt is worth noting that the LBC / a group of leading importers had threatened to take the Economy Ministry to court citing the short lead time given to importers / their international suppliers to change labelling to Arabic. Some importers said some international manufacturers would not be prepared to change labelling just to suite the Libyan market.

The civil rescue ship Sea-Watch 5 has rescued 118 people from distress at sea in its first deployment in two different rescue operations. Many of those rescued are suffering from exhaustion, dehydration, and chemical burns caused by oil-seawater mixtures that form in the boats. The Sea-Watch 5 is currently the only rescue ship in the area. “There is no silent night when people have to try to flee across the sea in search of safety. “We are currently the only rescue ship in the area and are being sent to a port 1,150 kilometres away.