The Central Bank of Libya told our source exclusively that today is the final deadline for citizens to deposit the 50-dinar banknote at commercial banks, and there is no intention to extend the period for its use.
The Bank confirmed that the final value of the 50-dinar deposits will be determined after sorting by the banks and transferring them to the Central Bank of Libya for destruction. The final date for banks to submit these notes to the Central Bank is May 8.
The Central Bank clarified that the highest denomination to remain in circulation will be the new official 20-dinar note issued by the Bank.
It also noted that an announcement will soon be made regarding the withdrawal of the sixth edition of the 5-dinar note and the older 20-dinar notes (signed by Kabir and Hebri).
Additionally, the Central Bank confirmed that actual reforms will be implemented concerning the “iron” dinar circulating in eastern Libya, which is not recognized in the west, as well as the “blue” dinar circulating in the west, which is not used in the east.
