Published on 27/12/2023
After more than nine years of closure due to political and security concerns, Libya’s Stock Market resumed trading on Monday.
- The stock market also maintains a trading hall in Benghazi, Libya’s second city, where trading is expected to commence next week.
- Out of the ten companies listed on Monday’s trading schedule, only three actively participated in trading.
- The stock market, launched in 2006, faced interruptions following the fall of the former regime of Mummar Gaddafi during the NATO-backed uprising in 2011.
The resumption ceremony took place in the capital Tripoli, with Prime Minister Abdulhamid al-Dbeibah of the Government of National Unity and the Chairman of the Board of Directors, Bashir Mohamed Ashour, along with other officials ringing the bell to signify the restart 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 stock market also maintains a trading hall in Benghazi, Libya’s second city, where trading is expected to commence next week.
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… The stock market was established in 2006, faced interruptions following the fall of the former regime of Mummar Gaddafi during the NATO-backed uprising in 2011. Out of the ten companies listed on Monday’s trading schedule, only three actively participated in trading.
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.
“However, we are determined to overcome the obstacles and enhance stability and development in this good country, and we will work to achieve prosperity for all the people of Libya.” He explained, adding that he was certain that the government will do what it can to support this important institution to enable it to perform its vital mission, especially with regard to infrastructure, headquarters, technical support, and the development of its cadres.
Ashour highlighted the significance of the stock market in improving the Libyan economy, emphasizing its potential to double the gross domestic product and help close the budget deficit. He stressed that the market’s success would depend on the stability and development of various sectors of the state.
Despite the reopening, only three companies actively participated in trading on Monday, according to Lamin Haman, the market’s media adviser.
The stock market had previously faced disruptions not only during the 2011 uprising but also during the 2014 civil war, marked by conflicts between armed factions vying for power, leading to a suspension of trading for over 12 months.
