Exclusive: The Central Bank Circulates Its Guidelines Regarding Acceptance of International Cards at Bank-Owned Local Points of Sale

Our source has exclusively obtained correspondence from the Central Bank of Libya to commercial banks regarding the acceptance of international cards at local points of sale owned by banks.

The guidelines grant banks the authority to accept transactions at their own points of sale. Deductions are made from both local and foreign cards equivalent to the dinar, and the deducted amount is deposited into accounts denominated in foreign currency for licensed activities. The deposited foreign currency can be used for issuing Visa or Mastercard cards, conducting swift transfers if available at the bank, or documentary credits according to the Central Bank’s guidelines.