The Central Bank of Libya confirmed, in a statement to our source, that starting April 1 it will begin injecting $1.5 billion to settle all pending requests, including letters of credit and personal foreign currency allocations, in addition to covering banks’ needs.
The bank explained that it will also continue granting new approvals for letters of credit and personal allocations on a daily basis and at a faster pace, following technical improvements introduced to the system.
The Central Bank noted that this step comes as a result of improved oil revenues, which are expected to reach $3 billion during April. It also indicated that it is preparing regulations and procedures for selling cash dollars, which will be announced later, along with preparing the allocated amounts for sale to citizens.
