The Tripoli Stock Exchange reopened its doors on Monday, December 25, after a nine-year closure. Authorities hope that this will be the first step towards the normalization and stabilization of the Libyan economy after years of conflict.
The bell of the Tripoli Stock Exchange rang on Monday, December 25, for the first time in nine years, in the presence of the Prime Minister of the Libyan Government of National Unity, Abdulhamid al-Dbeibah, and a gathering of officials. Eight of the ten Libyan companies listed on the stock exchange were registered at the market opening, and authorities hope that others will be introduced soon.
By resuming stock market activities, Libyan authorities aim to revitalize the local economy to boost GDP and reduce the budget deficit. This move is an additional step to restore confidence in financial institutions, attract investors, and provide Libyans with the opportunity to invest their money in a “safer” manner than in a bank, according to authorities.
They count on the resumption of trading to promote entrepreneurship and a culture of commerce in the country. The Libyan stock exchange had closed its doors in 2014, at the beginning of the civil war in Tripoli and Benghazi. In the second-largest city in the country, the stock exchange will reopen in January after the completion of renovation work.