Libya’s Stock Market reopened its doors on Monday in the capital, Tripoli, after being closed for over nine years due to political and security challenges. The reopening ceremony was marked by the Prime Minister of the Government of National Unity, Abdulhamid al-Dbeibah, and the Chairman of the Board of Directors, Bashir Mohamed Ashour, along with other officials ringing the bell to signify the resumption of trading.
During the ceremony, Prime Minister al-Dbeibah expressed the importance of the stock market as a key economic instrument, stating, “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 highlighted the role of the stock market in contributing to economic growth and fiscal stability. Ashour, the Chairman of the Board, emphasised that the market’s success would hinge on the “stability and development of the various sectors of the state”.
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The stock market’s impact is expected to extend beyond Tripoli, as it also operates a trading hall in Libya’s second-largest city, Benghazi.
According to sources, trading is anticipated to resume in Benghazi next week, marking a broader effort to restore financial activities across the country. As the market strives for success, Ashour outlined its commitment to increasing the volume of listings, signalling potential growth opportunities for companies looking to participate in the revived market.
Despite the reopening, the initial trading day saw limited activity. Out of the ten listed companies, only three actively traded, according to Lamin Haman, the market’s media adviser.
The market, originally launched in 2006, faced interruptions in the aftermath of the NATO-backed uprising in 2011 and subsequent civil strife in 2014, leading to the suspension of trading on multiple occasions. Notably, the conflict also resulted in the division of Libya between warring eastern and western factions, complicating the nation’s economic recovery.
(With inputs from Reuters)
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