TRIPOLI – As the month of Ramadan approaches, Libyan Prime Minister Abdul Hamid Dabaiba issued a decision to form an emergency room to monitor the availability and prices of food commodities during the holy month, headed by Minister of Economy and Trade Mohammed al-Huwaij.

Al-Huwaij oversees regular meetings of the chamber to monitor the availability of basic commodities, control their prices and submit weekly reports to the prime minister, according to a Facebook post on the official "Our Government" platform.

Tasks and challenges of the Chamber

In addition to the Ministry of Economy and Trade, the emergency room includes representatives of technical, supervisory and executive bodies and bodies, and its tasks include ensuring the health requirements for the work of meat and food shops and vegetable markets, and ensuring that goods conform to Libyan standards.

The Chamber is primarily expected to identify, control and monitor commodity prices during the month of Ramadan, which a number of economists are skeptical about.

Says economic expert and academic Ali Solh – in his interview with Al Jazeera Net – that price control does not need an emergency room, because prices in economic terms are affected by many factors, the most important of which are the quantities and types available in the markets, consumer income and taste as well, in addition to the prices of alternative and complementary goods. He added that activating the role of regulatory bodies and bodies is the basis for controlling market prices, and this role is not temporary, but rather continuous and very important during and after the Ramadan, as it is an inherent competence of the Municipal Guard.


Devaluation of the dinar

Ali al-Solh pointed out that exchange rate fluctuations have reduced the purchasing power of the Libyan dinar, so the exchange rate of the dinar against the US dollar must be reviewed, which was completely ruled out by the great friend of the Governor of the Central Bank of Libya in the foreseeable future, in his statements during the first forum of Libyan businessmen in the city of Zliten, east of Tripoli.

In addition to the depreciation of the Libyan dinar, commercial banks are still witnessing a continuous shortage of cash, which prompted them to set a ceiling for daily withdrawals, and even allocate specific days for withdrawals throughout the month, which caused citizens to crowd and stand in long queues in front of banks to obtain funds.

Despite the recent measures taken by the Central Bank to facilitate electronic transactions between individuals, companies and banks, find an alternative to cash liquidity, and launch new services in partnership between mobile phone companies and financial services companies, these steps came late and citizens will not be able to benefit from them during the month of Ramadan.

High prices are a fait accompli

For his part, Marwan Suleiman, a member of the Chamber of Commerce and Industry, believes that the decision to form an emergency room will not change anything on the ground, and will not be able to impose any real restrictions on traders due to the randomness of the Libyan market, which is witnessing confusion in decisions and laws due to the divisions and chaos that the country has been suffering for more than a decade. "Libya is a consumer country that depends mainly on imports from abroad, and it is natural that it will be affected by the wave of high prices and global inflation that is happening in the region," he said.

Suleiman said – in an interview with Al Jazeera Net – that the prices of imported goods will witness an additional rise due to the expected pressure on shipping lines with the season of increasing local demand, and this may lead to a delay in the completion of goods procedures and high costs of extracting them from ports and transit areas inside Libya before they reach the stores, which in turn will lead to a rise in the prices of goods in the markets as is the case in each season.