After a hiatus of over nine years prompted by political and security challenges, Libya’s Stock Market reopened in the capital, Tripoli, on Monday. The ceremony, attended by Prime Minister Abdulhamid al-Dbeibah and Board Chairman Bashir Mohamed Ashour, featured the symbolic ringing of the bell to mark the resumption of trading.
Prime Minister al-Dbeibah underscored the stock market’s significance as a vital economic tool, stating, “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 emphasized the role of the stock market in fostering economic growth and fiscal stability.
Ashour, the Board Chairman, stressed that the market’s success hinges on the “stability and development of the various sectors of the state.” Notably, the market operates not only in Tripoli but also in Benghazi, Libya’s second-largest city, where trading is expected to resume next week as part of a broader initiative to restore financial activities across the country.
Despite the optimistic reopening, the initial trading day witnessed limited activity. Out of the ten listed companies, only three actively traded, according to Lamin Haman, the market’s media adviser.
Originally launched in 2006, the stock market faced interruptions in the aftermath of the NATO-backed uprising in 2011 and subsequent civil strife in 2014, leading to multiple suspensions of trading. The conflict also resulted in the division of Libya between warring eastern and western factions, further complicating the nation’s economic recovery.
Looking forward, Ashour outlined the market’s commitment to expanding the volume of listings, presenting potential growth opportunities for companies seeking to participate in the revitalized market. As Libya aims to reestablish financial stability and economic growth, the reopening of the stock market stands as a significant step in the nation’s recovery efforts.
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