The Central Bank of Libya revealed to our source that an initial batch of $1 billion in cash will be distributed to commercial banks. The booking and purchasing mechanism will follow the same system currently used by exchange companies, including testing the bank and branch listed in the system. Customers will also have the freedom to choose the type of transaction—whether cash, instant transfers, or transfers between bank accounts.
The Central Bank added that customers will receive the US dollars in cash from designated bank branches in the full amount of $2,000. Customers will pay any difference in Libyan dinars in order to receive the full amount, based on the official exchange rate in effect, with additional agreed-upon fees.
The Bank emphasized that the selling price must not exceed 6.43 Libyan dinars per US dollar.
