The Central Bank of Libya revealed exclusively to our source that it will hold an expanded meeting this week with directors of commercial banks to discuss several key issues. Most notably, the meeting will address the approval of a mechanism for selling US dollars in cash through a dedicated system designed for this purpose. It will also determine the bank branches that will begin the sales process across different regions of Libya, and coordinate the logistics of transporting US dollar currency to these branches in preparation for launch.
The Central Bank added that the agenda will also include the implementation of a Board decision to introduce a restricted deposit instrument, which allows beneficiaries to purchase foreign currency at a rate ranging between 50% and 70%, with full freedom to use it. Holders of unrestricted investment certificates will also be granted access to this feature once their one-year maturity period is completed.
Additionally, the meeting will cover:
- The resumption of US dollar transfers between accounts via instant payment systems
- A review of certain foreign exchange regulations
- Adjustments to cash deposit limits for foreign currency in bank accounts
- Regulations governing international transfers to and from Libya
The Central Bank noted that significant facilitation measures will be introduced in this area to improve the efficiency and accessibility of foreign currency transactions.
