In an exclusive statement to our source, the Central Bank of Libya said it will continue selling foreign currency allocations for personal purposes at an accelerated pace.
It also confirmed the ongoing approval process and coverage of requests for letters of credit and money transfers.
The Central Bank of Libya revealed exclusively to our source a notable improvement in oil revenues, disclosing that they reached $1.1 billion as of March 15, compared to $900 million for the entire month of February, with these revenues calculated against February sales.
The Central Bank confirmed that oil revenues are expected to reach $2 billion by the end of March including royalties, and $2.7 billion by the end of April. This, it stated, will strengthen the balance of payments position and the Central Bank’s capacity to inject more dollars into the market, contributing to a decline in the exchange rate on the parallel market.
The Central Bank of Libya revealed to our source: “We have begun activating our systems by disbursing personal-purpose foreign currency allocations to citizens at the official rate of 6.37 dinars to the dollar. Citizens who had previously made reservations through the electronic platform and selected exchange offices have been receiving loading and execution messages since this morning, in a step aimed at meeting citizens’ needs for travel, medical treatment, and study purposes.”
The Central Bank added: “We have so far executed sales to banks totaling $1.5 billion during the month of March, covering letters of credit, personal purposes, and remittances.”
The Central Bank of Libya told our source exclusively that the technical adjustments have been completed, and starting Monday, the Central Bank will begin granting approvals for letters of credit and the reservation and sale of personal allowance allocations without tax and at the official exchange rate announced by the Central Bank.
The Central Bank added that the new tax-exempt rate will also apply to all letters of credit that have already received approval but for which the currency sale to banks has not yet been completed, as well as personal allowance reservations that have not yet been executed.
Our source has obtained a circular issued by the Central Bank of Libya to Muamalat Company and electronic payment companies regarding the issuance of electronic wallets for foreigners legally residing in Libya.
According to the circular, the transfer limits for Libyans have been set as follows:
For foreigners, the limits are:
The Central Bank told our source that this circular is very important for citizens, craftsmen, manual workers, small commercial activities, and entrepreneurs, in addition to foreign workers such as plumbers, builders, electricians, and others, noting that the previous transfer limits were only 150 dinars.
A report by the Research and Statistics Department at the Central Bank of Libya revealed details of the foreign currency usage by banks during the first two months of 2026, which reached a total of 5.5 billion dollars. Jumhouria Bank ranked first in granting foreign currency with a market share of 20.4%.
The report also explained the Central Bank’s coverage of foreign currency for private sector companies, disclosing the figures and names. Letters of credit were opened for the import of goods worth 171.7 million dollars, production inputs worth 47.8 million dollars, animal feed worth 44.5 million dollars, and essential goods supplies worth 23.2 million dollars.
The report further revealed the ranking of beneficiary countries from the approved coverage requests, according to the country benefiting from the foreign currency. Switzerland ranked first with 82.4 million dollars, followed by Turkey with 58.4 million dollars, while the United Arab Emirates ranked third with 53.7 million dollars, and Italy came fourth with 28.2 million dollars.
A statement from the Central Bank disclosed the expenditures of the Ministry of Local Government in the Government of National Unity from the beginning of January until the end of February 2026.
These expenditures amounted to more than 191 million Libyan dinars.
Data from the Central Bank of Libya showed a decrease in oil revenues during the first two months of 2026 compared to 2025. Oil revenues during January and February 2026 amounted to 13.9 billion dinars, while in 2025 they reached 17.7 billion dinars.
The Central Bank also indicated that the foreign currency deficit during just the first two months of 2026 reached 2 billion dollars, with a decline in the value of revenues transferred from the National Oil Corporation, amounting to 1.3 billion dollars in January 2026, and only 705 million dollars in February.
The Central Bank of Libya disclosed that a surplus of 100 million dinars was recorded in the salary expenditures category following the activation of the Salary Instant system.
According to the bank, salary spending during the past year, from January 2025 to February, reached 5.9 billion dinars, while the salary expenditures for the same period this year amounted to 5.8 billion dinars.
The bank also clarified that this surplus was identified after 50% of public sector salaries were integrated into the “Instant Salary” system.
The Central Bank of Libya confirmed in a statement to our source that it has decided to reduce the commission rate on the sale of foreign currency through exchange companies from 4% to 1.5%.
The new structure sets the commission at 1% for cash purchases and 0.5% for purchases made via transfers and electronic payments.
Exclusive sources told our source that banks are continuing to operate until late at night to ensure a smooth and faster process of loading personal-purpose cards.
Banks are currently sending Excel files to exchange companies for approval and processing the loading of personal-purpose cards.
The Central Bank of Libya confirmed exclusively to our source that banks and exchange companies have begun completing the sale of personal-purpose foreign currency to customers, and that procedures are progressing smoothly.
It added that authorization has been granted to purchase all reserved amounts exceeding $600 million, while the booking process for new requests continues as normal.
Banker Misbah Al-Akkari stated that the rise in the dollar was temporary and that it is now steadily declining, adding that the real assessment of this drop will become clear through this week.
Al-Akkari explained that the Central Bank of Libya has found itself caught between two competing governments, each requiring expenditures including salaries, subsidies, operational expenses, and development spending. He noted that both governments are demanding funds without fully committing to collecting sovereign revenues and depositing them into the Central Bank for proper allocation, which has led to very weak sovereign revenues.
He added that revenues from taxes, customs, domestic oil sales, telecommunications, and even key sovereign oil revenues have seen a significant decline, despite improved production and a rise in global oil prices to حوالي $71 per barrel.
Al-Akkari pointed out that it is illogical for oil revenues to reach about $2 billion in February 2025, then drop to $800 million in February 2026, at a time when governments are requesting expenditures estimated at 210 billion dinars, while total revenues do not exceed 130 billion dinars.
He stressed that the Central Bank of Libya is currently trying to implement solutions within the available capabilities, noting that the treatment may sometimes be painful but aims to avoid a shock that some may not anticipate, and that the results will take time to appear.
He added that Libyan citizens booked $668 million through the personal purposes foreign currency system last week, and their cards will be loaded starting tomorrow, God willing. He also noted that all approved letters of credit that have been reviewed are being continuously executed, meaning large amounts of foreign currency are being injected into the market to increase supply and meet demand.
Al-Akkari stated that more than 330,000 Libyan citizens have registered in the system, emphasizing that reforms are ongoing but are being carried out by only one party in the country—the Central Bank of Libya—while questioning the role of other stakeholders in the reform and oversight process.
He said that the Central Bank of Libya holds foreign currency assets exceeding $100 billion, while the total foreign assets of the Libyan state surpass $150 billion. He questioned how a country with such wealth, resources, and large oil reserves could resort to borrowing from the World Bank, describing it as one of the most controversial issues among Libyans.
He added that these reserves cannot be recklessly used during a period of division or spent on consumption, stressing that Libya has sufficient resources to move toward stability, achieve urban development, and ensure a decent standard of living for its citizens—provided there is genuine political will to build the state, end divisions, unify governments, properly utilize resources, and hold corrupt individuals accountable.
The Central Bank of Libya announced exclusively to our source that it has begun implementing a liquidity distribution plan to its issuing departments across various regions, in preparation for supplying bank branches.
It confirmed that available liquidity amounts to 5 billion dinars, in addition to shipments arriving successively from abroad to meet the needs of Eid al-Fitr, the payment of February salaries, and family (children and spouse) allowances. It also clarified that the withdrawal limit will be set at 3,000 dinars for anyone holding a bank account.
The Bank explained that once banks and exchange companies are fully prepared, it will begin tomorrow, Sunday, selling foreign currency allocations for personal purposes worth $600 million, with immediate card loading on the same day.
It also confirmed the continuation of granting new approvals for letters of credit and selling their values directly to banks, in addition to settling letters of credit whose documents have been traded at an exchange rate of 6.30 dinars per dollar.
Our source has learned that the Central Bank held an important meeting today with exchange companies, informing them that they can now allocate (reserve/use) up to 100% of their balances instead of the previous 70%.
This comes as part of implementing more impactful measures targeting the parallel market, aimed at narrowing the gap between the parallel market rate and the official exchange rate. These measures are set to begin next Sunday and include increasing and accelerating the coverage of requests for letters of credit, bank cards, ATMs, and cash dollars, alongside a decline in the dollar’s value in the parallel market.
