Libya’s stock market re-opens after nine-year hiatus

Libya’s stock market re-opened Monday December 25 for trading in the buying and selling of shares for entities listed in the Libyan Stock Market nine years after closure.

Prime Minister Abdul Hamid Dbeibah attended the ceremony, local media Libya Observer reports.

“This is a rebirth for the Stock Market sector, which enjoys a high position in the economy… The stock market was established in 2006, and it went through very difficult stages, multiple circumstances, and serious obstacles that led to the cessation of trading for many years”, Dbeibah said.

The Premier 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. “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.

The Libyan stock market was launched in 2006 and faced interruptions in the aftermath of the NATO-backed uprising in 2011 and subsequent civil war, leading to the suspension of trading on multiple occasions. Trade is anticipated to resume in Benghazi, the second city next week, marking a broader effort to restore financial activities across the country.