The time-dependent system of partial differential equations of the second order describing the electric wave propagation in vertically inhomogeneous electrically and magnetically biaxial anisotropic media is considered. A new analytical method for solving an initial value problem for this system is the main object of the paper. This method consists in the following: the initial value problem is written in terms of Fourier images with respect to lateral space variables, then the resulting problem is reduced to an operator integral equation. After that the operator integral equation is solved by the method of successive approximations. Finally, a solution of the original initial value problem is found by the inverse Fourier transform.