Central Bank of Libya eases foreign currency restrictions for banks
via Libya Herald1 min read
The Central Bank of Libya CBL has issued new instructions to banks in Libya, loosening foreign currency controls. A leaked letter dated April 28, addressed to all General Managers of banks, indicates that the CBL now permits banks to accept cash deposits and incoming foreign currency transfers. Banks can use these funds for direct transfers within the country and for external transfers. Additionally, the new directives allow banks to open letters of credit, issue and load Visa and Mastercard cards, and facilitate fast transfers via Western Union and MoneyGram. These measures are intended to strengthen the Libyan dinar on the black-market foreign exchange, undercut currency speculators, and are part of the CBL’s broader economic reform efforts.
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