TRIPOLI, June 14 (Xinhua) -- Libyans are struggling with unexpectedly high prices of livestock as the country is embracing the Muslim festival Eid al-Adha, or the Feast of Sacrifice.
According to Islamic traditions, Muslim families usually buy a sheep, goat, or cattle as a sacrifice in the early morning of Eid al-Adha and distribute the meat to the poor as a charity gift.
However, this year, sheep prices have surged significantly, ranging from 2,000 to 3,500 dinars, about 300 to 550 U.S. dollars in the parallel market. This marks nearly a threefold increase over the past five years.
Experts say that the increase in livestock prices was mainly due to the high cost of fodder, the main food for livestock, especially in light of the drought witnessed in the grazing areas of the rural regions.
Libya's economy has been struggling due to years of armed conflict and political instability. The value of local currency keeps declining against foreign currencies in the parallel market.
In the meantime, Libyan banks are experiencing a severe liquidity shortage, resulting in long lines as people wait to withdraw limited amounts of cash. This exacerbates the difficulties faced by ordinary Libyans in purchasing essential goods.
