East Libya's rebels are negotiating with Qatari banks to facilitate international money transfers in rebel-held areas, a move aimed at recapitalizing banks and boosting the economy through trade.
Abdalla Shamia, rebel economy chief, said war had led to the hoarding of cash outside of banks, while international sanctions aimed at Muammar Gaddafi had frozen rebel-held east Libya's banking system, making importing goods difficult.
"Our banking system is paralyzed because of the sanctions. Now we're trying to lift the sanctions on some banks, in order to have them conduct money transfers abroad freely," said Shamia, a member of the rebel National Transitional Council.
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