Our source obtained a letter from the Governor of the Central Bank of Libya, Naji Issa, to the Minister of Justice, in which he called for obligating all law firms, consultancy offices, and contract notarization offices to provide proof that they use electronic payment methods.
This measure aims to enable citizens to pay service fees through bank cards.
The Central Bank of Libya exclusively confirmed to our source that it will begin sending cash shipments tomorrow to the cities of Benghazi and Ubari, after sending cash to Ghat today.
This comes as part of the Bank’s planned strategy to ensure the availability of cash liquidity, following the directives of the Central Bank Governor, Naji Issa, and his deputy.
The Central Bank of Libya exclusively confirmed to our source that it is working on settling the remaining letter of credit requests received from banks this week, amounting to $1.4 billion, as well as verifying personal purpose data for settlement.
The Central Bank clarified that its team is coordinating with banks on coverage procedures and ensuring proper reservation on the letters of credit platform.
Our source exclusively obtained the Central Bank of Libya’s circular to banks regarding its instructions to extend working hours until 5 p.m. starting from next Sunday until Thursday, October 16. This measure aims to give customers the opportunity to withdraw cash from their accounts. The banks must also inform customers through all social media platforms, including their official websites, of the procedures taken regarding the distribution of cash liquidity.
The Central Bank emphasized that all bank branches will be subject to monitoring by inspection teams, and any bank that violates these instructions will bear full legal responsibility. The strictest penalties stipulated by law will be applied against violators.
This comes with reference to the Central Bank’s periodic letters dated October 5, regarding the start of distributing cash liquidity to banks, in order to distribute it to all branches in various regions of Libya, and begin distributing it to citizens on Sunday, October 12, 2025. The banks are also instructed to increase the number of service windows and tellers, and to continuously refill all ATMs with cash so they operate regularly at all times, facilitating citizens’ cash withdrawal process.
The Central Bank of Libya exclusively told our source that it continues to implement measures to support the value of the Libyan dinar. It explained that yesterday’s rise in the exchange rate resulted from panic and fear among some traders regarding the new compliance regulations discussed by the Bank with commercial bank directors. These regulations will impose strict local and international sanctions on anyone suspected of corruption or violations in the letters of credit process, as the involvement of a neutral international party will expose corruption and the misuse of foreign currency for unauthorized purposes.
The Bank confirmed that this measure will regulate the import process and help local banks avoid international sanctions from their correspondent institutions.
Our source has exclusively obtained a correspondence from the Central Bank of Libya to the banks regarding the pricing controls for banking services.
The correspondence included the Central Bank’s instructions not to impose any banking commissions on cash withdrawals by individuals using a bank check, with a maximum amount of 2,000 dinars.
Our source has exclusively obtained the Central Bank’s circular to banks regarding the pricing regulations for electronic services. The circular outlines the maximum fees and commissions for accounts and basic banking services for retail clients (individuals). These include opening a new current account (regular or electronic) with a maximum one-time fee of 20 dinars, and a maximum conditional deposit of 75 dinars, with an equivalent maximum of 20 USD, provided the conditional deposit does not exceed 50 USD.
According to the circular and the table provided, the annual commission for managing a current account in dinars is 12 dinars, with a maximum of a quarter of the account level; for foreign currency accounts, the fee is 3 USD or its equivalent monthly at the official rate. For electronic foreign currency accounts, the fee is 3 dinars per month. Re-activating a pioneer account in dinars carries a maximum fee of 60 dinars, and in foreign currency, the equivalent of 50 USD according to the official rate. Account closure fees are 15 dinars maximum, provided the closure is requested by the client.
Issuing an electronic checkbook of 25 sheets carries a fee of 25 dinars, 50 sheets a fee of 50 dinars, and issuing a teller check is free. Cash withdrawal inside the bank via a bank check up to 1,000 dinars carries a fee of 1 dinar. Certifying a check deducted from a bank account costs 15 dinars, regardless of the check value. Collecting checks within the same branch costs 10 dinars, from another branch 15 dinars, and from another local bank 20 dinars maximum. Returned checks (issued or incoming) due to insufficient funds or signature mismatch are charged 15 dinars.
For local transfers, outgoing or incoming, transfers between the client’s accounts within the bank cost 10 dinars, transfers between the client and another account in the same bank cost 15 dinars. Standing order instructions cost 1 dinar maximum, with an annual subscription fee of 5 dinars. An ACH transfer from one account to another outside the bank costs 5 dinars, an RTGS transfer costs 10 dinars, incoming transfers from another bank 2 dinars, and modification or cancellation of a transfer 5 dinars.
Regarding local electronic banking cards (ATM/POS), issuing or renewing a card costs 40 dinars, issuing an additional card for the same account costs 50 dinars, and re-issuing a lost card costs 100 dinars. Card account management costs 3 dinars, topping up the card costs 10 dinars, and re-issuing a PIN costs 15 dinars. Cash withdrawal at the same bank’s ATM is 0.5 dinars per 100 dinars maximum, while balance inquiry is free. Disputing a transaction at an ATM or POS costs 20 dinars.
For international electronic cards (ATM/POS), issuing or renewing the card costs 70 dinars maximum, charged once for the card’s validity, which must not be less than two years. Topping up the card abroad costs 10 dinars, international card account management 60 dinars, re-issuing a lost card 150 dinars, replacing a PIN 15 dinars, purchases via POS or online 1 USD, ATM cash withdrawal 4 USD, balance inquiry 1 USD, and disputing a transaction 50 USD.
Other services include free signature verification, account retention certificate 3 dinars, financial solvency certificate or verification of financial data 5 dinars, clearance certificate / proof of no liabilities 5 dinars, commitment letter for installment deductions 5 dinars, requesting a copy of a cashed check 5 dinars, SMS subscription 3 dinars, and issuing a private banking code 10 dinars.
For mobile electronic payment services, card top-up costs 10 dinars, annual wallet account management 20 dinars, banking app subscription 50 dinars, P2P transfers (terminal-app) 0.1 dinar maximum, transferring money from individuals to merchants for purchases carries a 1% fee per transaction, deducted from the merchant only, bill payments 0.15 dinar, cardless withdrawal 0.75 dinar per 100 dinars maximum. Balance inquiry, electronic statements, local and international card management via the app (request–stop–activate), and instant payments are all free.
Our source exclusively obtained the circular from the Central Bank of Libya outlining strict rules for banking service pricing. Banks are required to fully comply, avoid imposing any fees not specified, and disclose all banking service charges transparently.
The regulations include withdrawal commissions as follows:
The Central Bank of Libya revealed exclusively to our source that it is currently studying the establishment of regulations to permit direct foreign currency transfers to the Chinese market.
The Bank also disclosed that it is examining the possibility of allowing imports through documents against collection for certain sectors—particularly the industrial sector—under specific regulatory conditions.
Our source has exclusively obtained a circular from the Central Bank of Libya addressed to commercial banks, instructing them to provide their branches—especially those located outside the city of Tripoli—with the necessary cash liquidity. The circular directed issuance departments in various cities to notify their respective branches and confirmed that the Issuance Department and its affiliated offices are fully prepared to supply additional cash shipments to all regions and cities across Libya.
The Central Bank also called on the heads of the regional branch departments of commercial banks in the Central Region, including:
National Commercial Bank, Sahara Bank, Wahda Bank, Jumhouria Bank, and North Africa Bank,
as well as the heads of private banks in the same region, namely:
Arab Islamic Investment Bank, Waha Bank, Libyan Islamic Bank, Al-Mutawaset Bank, Nuran Bank, National Union Bank, Aman Bank, Andalus Bank, Bank of Commerce and Development, United Bank, Tadamon Bank, Al-Yaqin Bank, and Al-Sarrai Bank for Trade and Investment,
to submit their requests for the necessary cash liquidity to meet the needs of their branches.
The circular further instructed the managers of commercial bank branches in the Southern Region to urgently contact their regional administrations to obtain their required cash supplies.
Additionally, the Central Bank requested that the managers of branches in the Western Mountain Region, including National Commercial Bank, Jumhouria Bank, Wahda Bank, and North Africa Bank, submit proposals specifying the liquidity amounts needed to meet their branches’ demands as soon as possible.
The Central Bank of Libya revealed exclusively to our source that it has begun this morning completing approvals for letters of credit and the sale of foreign currency to banks for documentary credits, personal purposes, and traders’ cards.
The bank also confirmed that operations are proceeding smoothly and efficiently.
Rabie Shrair, head of the Forums for Sector Development, has urged Libyan banks and oil companies to urgently seek immediate alternatives to Oracle’s systems after evidence surfaced of the company’s unconditional support for the Zionist lobby in the United States.
In a press statement, Shrair said:
“Libyan banks and oil companies must urgently start searching for immediate alternatives to Oracle’s systems after it became clear that the company supports the Zionist lobby in the U.S. Regardless of its global strength in technology, there are many available alternatives, and there is no justification for continuing to rely on it.”
He added that recently leaked emails in the United States, allegedly from the company’s CEO, “reveal explicit positions that make it shameful for any Libyan institution to continue purchasing its services.”
Shrair concluded by saying:
“Accordingly, I call on the Governor of the Central Bank of Libya and the Chairman of the National Oil Corporation to instruct their affiliated institutions using Oracle systems to immediately begin studying how to end dealings with this company, in order to protect our national institutions and safeguard what remains of our data.”
The Central Bank of Libya revealed exclusively to our source that starting tomorrow, it will continue granting approvals for letters of credit worth $1 billion, bringing the total approvals by the end of the week to $2 billion, until all credits listed on the reservation platform are settled.
The Bank’s Accounts Department is also continuing to sell foreign currency to commercial banks until the amount listed in the system — $1.7 billion — is fully exhausted, and will begin tomorrow the sale of foreign currency for personal use allocations.
Banking expert Nouman Al-Bouri argues that the liquidity crisis in Libya cannot be resolved by imposing withdrawal limits. People should be allowed to access the funds they need as long as their accounts cover the requested amounts.
Imposing withdrawal restrictions only opens the door to the black market, creating opportunities for illicit profits. Conversely, if citizens are confident that they can withdraw their money whenever needed, they will not overdraw out of fear or anxiety. Restrictions encourage cash hoarding and avoidance of the formal banking system.
Closing physical markets like Souq Al-Mushir will have little impact on the parallel currency market, particularly when there is a significant gap between the official exchange rate and the real market rate. Today, currency trading occurs online through forex platforms and messaging apps, making physical closures largely ineffective. Such measures could even negatively impact the Libyan dinar rather than stabilizing it.
To effectively tackle the black market, the Central Bank must address the root causes, not just the symptoms. Key steps include:
Stopping government financing through money creation or deficit coverage outside actual revenues.
Establishing a realistic and balanced exchange rate that supports budget financing and meets foreign currency demand.
Lifting all restrictions on foreign currency purchases, allowing citizens to buy currencies as long as they can verify the source of their funds and the intended recipient.
Cooperating with the Tax Authority to ensure individuals and businesses pay taxes on earned income.
Permitting the use of all legal payment methods, both domestic and international.
For example, if a Libyan citizen wants to buy property abroad worth one million dollars, holds the equivalent in dinars, and has paid local taxes, they should be allowed to purchase the necessary foreign currency. Restricting this only fuels the black market and encourages illegal activity, as has been seen for decades.
On electronic payments:
Encouraging the use of electronic payments is a positive step. However, for banks and payment companies to invest in developing their platforms, there must be clear financial incentives. Providing electronic payment services with minimal profit margins discourages investment and innovation in the sector.
The market should be left to consumers to choose the best services, while providers compete to offer advanced, efficient solutions. Banks and payment companies are profit-driven, and they will not invest in systems that fail to deliver a real economic return.
In his first-ever media statement, the Governor of the Central Bank of Libya, Naji Issa, told our source exclusively:
“We have a well-structured action plan to resolve the liquidity bottleneck. A sufficient stockpile of cash is available, and we have the capability to inject funds in line with the needs of citizens and the economy. We have instructed the Liquidity Team to distribute 3 billion dinars across commercial bank branches next week, ensuring that no citizen will have to stand in long queues until this crisis is fully resolved.”
The Governor further stated:
“All means are on the table, and we are working to accelerate and expand electronic payment solutions, which we continuously encourage. The future is promising regarding the liquidity file, God willing. This is my pledge to the Libyan people despite all challenges. May God protect Libya and its people.”
