The Head of the Accounting Department at the Libyan Academy, Dr. Abu Bakr Abu Al-Qasim, spoke exclusively to our source, stating: “The decision by the Governor of the Central Bank of Libya to grant operating permits to 64 exchange companies and offices is a highly commendable step. It comes after repeated demands to regulate and formalize currency exchange activities in the Libyan market.”
He added, “This move will undoubtedly bring numerous positive effects to the sector while eliminating many of the negative consequences caused by decades of chaos and illegality in this activity.”
Highlighting key benefits of regulating currency exchange, he stated, “With this sector now under the supervision and oversight of the Central Bank, it will be possible to monitor and control foreign currency transactions. Furthermore, legalizing this activity transitions it from the informal economy to the formal economy, bringing significant advantages.”
He also pointed out that this regulation could increase tax revenues, contributing to the state budget through taxation on the income of these exchange offices and companies. Additionally, it could aid in monitoring money laundering and preventing the use of funds for criminal activities.
He concluded by emphasizing, “Ending the chaos in this sector, which has caused significant harm, is a crucial step. We support this initiative and urge the Central Bank, through its specialized departments, to closely monitor this activity, particularly in its first year, to address any shortcomings or gaps that may arise and resolve them promptly.”
