CBL confirms readiness to start selling foreign currency for bank credits

October 3, 2018

The Central Bank of Libya (CBL) announced its readiness to begin implementing the two references made in its publications regarding the sale of foreign currency to open documentary credits, personal allowances, and medical and study remittances.

This announcement came in a letter sent by the Director of the Department of Banking Supervision and Cash to the Directors of commercial banks.

The banks were asked to provide the CBL with the actions taken on the implementation of what was approved by the CBL in this connection.

On September 23, the CBL announced in two separate publications, regulations to govern the sale of foreign exchange for personal purposes, including personal allowances set at $ 10,000 or its equivalent, and remedial and study remittances, as well as the specific regulations to open documentary credits at the foreign exchange rate after adding the fees approved by the PC in the package of economic reforms approved on 22 September last.