Libyan Central Bank announces new measures to regulate foreign exchange market, distributes $1 billion to banks
via Libya Herald2 min read
The Central Bank of Libya CBL has unveiled a comprehensive set of new measures aimed at regulating the foreign exchange market. These measures precede an expanded meeting with commercial bank managers to establish implementation mechanisms for smooth sales and enhanced transparency. The announcement comes as the Libyan dinar has gained value against the dollar in the black market, trading under LD 7 per dollar, following the CBL's efforts over the past two months to inject dollars and Libyan dinar liquidity. This was further supported by an agreement for a unified budget for Libya and a rise in international crude oil prices. The CBL plans to discuss a mechanism for selling dollars in cash through a dedicated system, identifying branches across Libya for sales and coordinating the transfer of US currency. An initial payment of US$ 1 billion in cash will be distributed to banks, with customers able to choose their bank and branch to specify transaction types such as cash, money transfer, or inter-account transfer. Cash dollar withdrawals will be available up to US$ 2,000 through designated branches, with the difference paid in Libyan dinars at the official exchange rate plus agreed-upon fees, capped at 6.43 dinars per dollar. The agenda also includes implementing a "restricted deposit" tool, allowing beneficiaries to purchase foreign currency up to 50% to 70% of their holdings. Discussions will also cover resuming dollar transfers between accounts via the instant payment syste
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