The Central Bank of Libya stated exclusively to our source that it has reached very advanced stages in organizing the foreign exchange market, with the goal of managing it through the banking system and exchange companies.
It added that banks and exchange companies have been granted broad powers and flexibility for anyone wishing to operate within the formal system, including flexible domestic and international transfers for foreign currency use. This aims to enhance confidence in the banking sector, enable cash sales of foreign currencies, and allow individuals to move away from the black market by depositing funds in banks, transferring them, or receiving transfers from abroad.
The Central Bank also noted that direct engagement with the Chinese market will serve as an encouraging factor for operating through the banking system, emphasizing that all participants in the Libyan market have the opportunity to work formally through banks and exchange companies.
