Tobruk Commercial Bank refers letters of credit to Tripoli-based CBL

The Head of Tobruk banks, Tariq Aburraheem Milad, said the city’s Commercial Bank is waiting for the approval of the Tripoli-based Central Bank of Libya of the letters of credit it had sent earlier.

Milad said that if the CBL approves the letters of credit, the cash tragedy in Tobruk’s banks will come to an end, explaining that most of the letters of credit used to come from the western region.

“Tobruk banks’ administration staff are complaining about the delay of the implementation of the letters of credit by the CBL in Tripoli.” According to Milad.

Worth mentioning that Tobruk’s Commercial Bank has shut down its doors since late February due to lack of cash.