Libya’s stock market resumes 9 years since closure

After a hiatus of over nine years due to political and security challenges, Libya’s stock market reopened for trading in the capital, Tripoli. The Government of National Unity’s Prime Minister, Abdulhamid al-Dbeibah, and the chairperson of the board of directors, Bashir Mohamed Ashour, along with other officials, marked the occasion by ringing the bell.

The Benghazi trading hall is also set to resume operations next week. Prime Minister Dbeibah emphasized the role of the stock market in enhancing Libya’s economy, contributing to GDP growth, and alleviating the budget deficit.

“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,” Dbeibah said.

The market aims to increase the volume of listings, signaling a positive step towards economic development. Of the ten listed companies, three actively traded on the reopening day. The stock market, initiated in 2006, had experienced interruptions during the aftermath of Gaddafi’s regime fall in 2011 and amid the civil war in 2014.