Our source has exclusively obtained the new regulations for foreign currency sales issued by the Department of Currency and Banking Supervision at the Central Bank of Libya.
The new rules stipulate the following caps:
- Commercial letters of credit: A maximum of $3 million USD (or equivalent in other currencies).
- Service-related transactions: A maximum of $1 million USD.
- Industrial imports: A maximum of $5 million USD.
For companies, small traders, and artisans, the maximum prepaid card amount for industrial, service, and commercial purposes is set at $50,000 USD.
Personal use:
Banks are authorized to approve foreign currency sales for personal purposes using the national ID number for every Libyan citizen aged 18 years and above, upon completing the required procedures via the foreign currency reservation platform for personal use across all operating banks in Libya. The maximum annual amount is $2,000 USD, or its equivalent in other currencies.
For students studying abroad, banks are allowed to sell foreign currency up to $7,500 USD per student annually.
For medical treatment abroad, the maximum allowed amount is $10,000 USD per person.
Additionally, the maximum amount per single transfer is capped at $1 million USD, or its equivalent in other currencies.
