Central Bank of Libya launches $3.5 billion foreign currency program

The Central Bank of Libya CBL has initiated a $3.5 billion program to sell foreign currency to commercial banks, aiming to satisfy market demand. The program allocates $1.5 billion for Letters of Credit, $1 billion for various transfers, and $1 billion for personal use. Implementation has commenced, with all commercial banks receiving their cash dollar allocations. The CBL's Letters of Credit Department is reviewing applications to expedite financing and meet customer needs. This initiative is part of the CBL's efforts to boost foreign currency flow into the banking sector, enhance services for individuals and companies, and support Libya's economic stability. The CBL is also working to strengthen the Libyan dinar against major hard currencies on the black market.