Exclusive: Central Bank Ends Monopoly and Requires Banks to Open Letters of Credit for Small Traders with a Ceiling of $300,000

The Central Bank of Libya revealed to our source exclusively: “Following complaints submitted to the Central Bank by small traders, the Central Bank of Libya has obligated commercial banks to open letters of credit on behalf of small traders, instead of limiting the service to a specific group.”

The Central Bank directed the management of commercial banks to meet the needs of small traders with a ceiling of $300,000 or less, and to increase the number of letters of credit issued for accessing foreign currency — in a way that ensures and promotes fairness in allocation. This move comes as part of efforts to support small traders and micro-entrepreneurs.