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Libya launches financial regulator to boost bourse transparency

Source: Reuters - Mon, 30 Dec 2013 09:40 PM
Author: Reuters
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Traders talk in front of a board displaying stock prices on the floor of the Libya Stock Exchange in the capital Tripoli March 15, 2012. REUTERS/Anis Mili
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TRIPOLI, Dec 30 (Reuters) - Libya has launched a financial regulator, state media said on Monday, to try to improve transparency and attract more foreign investment to its small stock market.

The new body will supervise the country's non-banking financial industry and stock market, bourse director Ahmed Karoud said, according to state news agency Lana.

"It will strengthen the investment culture in Libya and boost confidence in the bourse," he said.

Libya has been trying to attract investment outside the dominant oil sector but a volatile security situation has deterred many foreign firms.

The government has been also planning to overhaul investment laws and reform the outdated banking sector since the overthrow of Muammar Gaddafi in 2011 but political infighting has hampered decision-making. (Reporting by Ulf Laessing; Editing by Alison Williams)

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