Libyan businessman Hosni Bey told our source exclusively: “After 12 years of waiting since submitting applications for exchange office licenses in compliance with the law, the Central Bank of Libya has granted permits to practice the profession under the supervision of the relevant administration within the Central Bank.”
He added, “Finally, exchange office licenses are seeing the light. Less than 60 days after the law was adopted and approved by the Central Bank’s board of directors, official permits for exchange offices have begun to be issued.”
Bey continued, “The so-called ‘black market’ is, in reality, a ‘free market,’ and after five decades of operating illegally and outside the law, it is now being legalized.”
He further stated, “This is an excellent step in the right direction. However, we hope that the Central Bank of Libya will regulate the sector through a flexible exchange rate and a transparent mechanism that ensures competition and currency market stability so that profits do not come at the expense of the public interest—the interests of the people and the Central Bank.”
