Banking sources revealed exclusively to our source that the Central Bank of Libya has granted final operating licenses to 64 exchange companies and offices, allowing them to commence operations starting today.
The official announcements, including the names of the licensed companies and offices, will be published on the Central Bank of Libya’s website.
The Central Bank of Libya revealed exclusively to our source that foreign currency sales for all purposes are proceeding smoothly, with the bank covering all demands received through the letters of credit and card systems.
The bank also expects the dollar exchange rate to drop below 6.35 LYD this week after reaching 6.40 LYD per dollar. The Central Bank remains committed to monitoring foreign exchange market conditions.
Former board member of the Central Bank of Libya, Mrajaa Ghaith, spoke to our source regarding the activation of exchange services. He stated that the 2013 decision approved the establishment of exchange offices under the condition that they would not obtain foreign currency from the Central Bank. “If the Central Bank currently provides foreign currency in a monopolized manner, then where will exchange offices source their currency?” he questioned.
Ghaith also raised concerns about whether the same approach will continue with the so-called personal-use cards and whether the Central Bank has the necessary capacity to monitor these offices and ensure they do not engage in money laundering or speculative trading.
The Head of the Accounting Department at the Libyan Academy, Dr. Abu Bakr Abu Al-Qasim, spoke exclusively to our source, stating: “The decision by the Governor of the Central Bank of Libya to grant operating permits to 64 exchange companies and offices is a highly commendable step. It comes after repeated demands to regulate and formalize currency exchange activities in the Libyan market.”
He added, “This move will undoubtedly bring numerous positive effects to the sector while eliminating many of the negative consequences caused by decades of chaos and illegality in this activity.”
Highlighting key benefits of regulating currency exchange, he stated, “With this sector now under the supervision and oversight of the Central Bank, it will be possible to monitor and control foreign currency transactions. Furthermore, legalizing this activity transitions it from the informal economy to the formal economy, bringing significant advantages.”
He also pointed out that this regulation could increase tax revenues, contributing to the state budget through taxation on the income of these exchange offices and companies. Additionally, it could aid in monitoring money laundering and preventing the use of funds for criminal activities.
He concluded by emphasizing, “Ending the chaos in this sector, which has caused significant harm, is a crucial step. We support this initiative and urge the Central Bank, through its specialized departments, to closely monitor this activity, particularly in its first year, to address any shortcomings or gaps that may arise and resolve them promptly.”
Libyan businessman Hosni Bey told our source exclusively: “After 12 years of waiting since submitting applications for exchange office licenses in compliance with the law, the Central Bank of Libya has granted permits to practice the profession under the supervision of the relevant administration within the Central Bank.”
He added, “Finally, exchange office licenses are seeing the light. Less than 60 days after the law was adopted and approved by the Central Bank’s board of directors, official permits for exchange offices have begun to be issued.”
Bey continued, “The so-called ‘black market’ is, in reality, a ‘free market,’ and after five decades of operating illegally and outside the law, it is now being legalized.”
He further stated, “This is an excellent step in the right direction. However, we hope that the Central Bank of Libya will regulate the sector through a flexible exchange rate and a transparent mechanism that ensures competition and currency market stability so that profits do not come at the expense of the public interest—the interests of the people and the Central Bank.”
The Central Bank of Libya exclusively revealed to our source that an agreement was reached with the National Oil Corporation, supported by the Audit Bureau and the Public Prosecutor’s Office, to transfer oil revenues to the Central Bank on a daily basis.
This arrangement has facilitated the bank’s ability to meet foreign exchange requests starting today. The bank will continue to sell foreign currency at the same pace as on February 2 in the coming days.
A source at the Central Bank of Libya exclusively disclosed to our source the foreign exchange system report for February 2. The source stated that $484 million was reserved for personal purposes, while $276 million was sold from previous reservations. Additionally, $243 million was allocated to cover previous letters of credit, and approximately $300 million in new letters of credit was approved.
The Second Deputy Chairman of the High Council of State, Omar Al-Abidi, revealed in a statement to our source that the visit of the Board of Directors of the Central Bank of Libya, led by Governor Naji Issa, carries significant political symbolism and reflects Libya’s commitment to unity and the fact that Libya is one united entity.
He also indicated that this visit is expected to be followed by a series of consecutive meetings of the Central Bank’s Board of Directors across various regions, including Benghazi, Sabha, Misrata, Zawiya, Zintan, and other Libyan cities.
Additionally, he stated that the 2025 budget will be a unified budget approved by the House of Representatives in consultation with the High Council of State.
Economic expert Mohamed Al-Safi exclusively told our source regarding the closure of oil fields: “It’s truly a regretful development that further complicates the situation. The Central Bank is already struggling to counter excessive demand for dollars.”
He added: “The oil closures, which will result in a drop in revenues, will reduce the Central Bank’s capacity to meet demand. This may force a return to demand-curbing policies, such as raising taxes, adjusting exchange rates, limiting import quotas through letters of credit, or suspending allocations for specific private purposes. These measures typically impact the parallel market exchange rate and, consequently, prices.”
Our source at the Central Bank of Libya revealed that it has begun accepting applications for licensing financial leasing activities as of Sunday, January 26, through its official website.
This step comes after issuing regulations governing contracts in the sector, as part of the bank’s efforts to stimulate economic growth.
The Central Bank of Libya exclusively disclosed to our source that moments ago, it dispatched a new cash shipment. The shipment departed from Mitiga Airport in Tripoli, heading to Kufra City Airport, carrying 20 million dinars. Of this amount, 7 million is allocated to support branches of Jumhouria Bank, 5 million to North Africa Bank, and 8 million to Wahda Bank.
This support is aimed at bolstering the treasuries of these banks’ branches to meet the needs of Kufra, Jalu, Awjila, and Jakhira.
The Central Bank will continue to send successive cash shipments until all Libyan cities receive their allocations, in line with its plan to ensure cash liquidity and as directed by Mr. Naji Mohamed Issa, Governor of the Central Bank of Libya, and his deputy.
The Central Bank of Libya exclusively revealed to our source that it continues to implement its planned strategy to ensure cash liquidity.
Under the directives of Mr. Naji Mohamed Issa, Governor of the Central Bank of Libya, and his deputy, the Central Bank this morning dispatched a new cash shipment. The shipment departed from Mitiga Airport in Tripoli, heading to Ghat City Airport, carrying 15 million dinars. Of this amount, 7 million is allocated to North Africa Bank, and 8 million is allocated to the National Commercial Bank.
The Central Bank will continue to send cash shipments in succession until all Libyan cities receive their allocations.
Our exclusive source in the banking sector revealed: “We have received news that the efforts of the Governor of the Central Bank of Libya are gradually bearing fruit, with positive indicators continuing to rise.”
The source added: “The National Oil Corporation has started to respond and transfer oil revenues almost regularly. This will enhance the Central Bank’s ability to meet the increasing demand for foreign currency and manage the state budget with sufficient flexibility.”
He further stated: “In addition to this, the cessation of fuel swaps, which have burdened the state and carried many ambiguities and numerous questions regarding hidden corruption allegations, is another positive step.”
The Central Bank of Libya exclusively revealed to our source that it has dispatched an additional cash shipment worth 60 million dinars to support the reserves of its branch in Sabha.
This initiative is part of the Central Bank’s plan to ensure cash availability, in line with the directives of the Governor of the Central Bank and his deputy.
The bank began this morning sending new cash shipments according to its pre-prepared plan and will continue to dispatch shipments to supply the reserves of all branches of commercial banks in Libyan cities.
The Central Bank of Libya exclusively confirmed to our source that, as part of its plan to ensure the availability of cash, and under the directives of Mr. Naji Mohamed Issa, Governor of the Central Bank, and his deputy, the bank began this morning dispatching new cash shipments according to a pre-prepared plan.
A flight departed today from Mitiga Airport in Tripoli to the city of Ubari, carrying a cash shipment of 15 million dinars. Of this amount, 4.5 million dinars were allocated to Jumhouria Bank, 4.5 million dinars to North Africa Bank, and 6 million dinars to the National Commercial Bank. The Central Bank will continue sending cash shipments to supply the vaults of all branches of commercial banks across Libyan cities.
