Efforts of INTECH towards, clearing the mis interpretation of the Publication No. 7 released by the Libyan Administrative authority

6-August-2017

Efforts of INTECH towards, clearing the mis interpretation of the Publication No. 7 released by the Libyan Administrative authority

Dear All, We wish to provide you a clear clarification about the steps taken to resolve the mis-interpretation of the Publication No.7 dated 30th May 2017 released by the President of the Libyan Administrative Authority, which insured that the currency paper unit in Libya is Libyan Dinar stated that the payment of the goods and services inside the Libyan Market should be paid in Libyan Dinar and as a consequence of this mis interpretation, the business for the Libyan National companies resulted in a stagnant condition and which in turn had a direct negative impact on the National economy. As an INTECH management together, we immediately took an action by contacting various local organizations and organized a meeting with the ministry of economy and commerce and demonstrated the problems and we requested them to support us in solving this issue. Furthermore we also approached the General union of the Chamber of Commerce and explained the same seeking their support and upon the joint interest of both the parties, it was agreed to approach and fix an appointment with the Head of Libyan Administrative Control Authority along with the other head of the local Libyan companies who were affected by this publication Altogether we had visited the President of the Libyan Administrative Authority in their office and explained the entire scenario and the aspects of the consequences faced by us and the negative impacts of this Publication for the local National companies. During the meeting with the President of the Authority, he stated that the Publication was mis-interpreted and he clarified that the content of the publication was oriented to forbid the usage of the foreign currency to purchase the items which are locally produced/ available in the local market and not to stop dealing with the Libyan companies for purchasing goods from the international market and asked us to prepare a formal letter explaining all the negative aspects of the issue and he promised to support us and make the needful to resolve this issue. Upon several meetings with other local companies, we instructed our legal advisor to prepare a clarification letter for the attention of the President of the Libyan Administrative Authority and the same was submitted to the authority on 23rd July 2017. In addition to the above mentioned correspondence addressed to the President of Libyan Administrative Authority on 24th July 2017, we had requested the Head of General Libyan Union of Chambers of Commerce to address a supporting letter to the President of the Libyan Administrative Authority for the withdrawal of their Publication No. 7 2017, the same was submitted on 24th July 2017. The similar action was performed with the Head of the National Oil Corporation and the letter was submitted on 26th July 2017. As a result of all the above efforts on 2nd August 2017, the Head of the Administration Control Authority has released a new publication No.8 2017 clarifying the purpose of the previous publication and its mis understanding in which there was an instruction to nullify the Publication No. 7. INTECH Team is very happy as we have received appreciations from our clients for our step taken towards this concern. Cheers to INTECH Team!