Libya's ministry of economy says it is ready to introduce an electronic import regulatory system.

The ministry is concerned about the abuse of letters of credit (L/Cs) as the war torn country struggles to maintain its foreign currency reserves (DC World News, 11 September 2015).

Control and regulation

The Tripoli-based ministry says the system links import licences with L/Cs as well as customs procedures.

The ministry hopes that the system will help control and regulate imports.

Ghost transactions

The online system, which has yet to be activated, should also help the Libyan authorities fight foreign currency smuggling via L/Cs and money laundering.

It also aims to end the practice of ghost shipments in the wake of recent revelations of empty containers arriving at Libyan ports.

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