The Central Bank of Libya announced today, Thursday, through Central Bank Banking and Monetary Control Department Circular No. (2) of 2024, the controls regulating dealing in foreign exchange with regard to credits and personal purposes, which included reducing the maximum value of selling foreign exchange for personal purposes to 4 thousand dollars instead of “ 10 thousand dollars.”
According to the circular, the maximum amount sold per person through all banks operating in Libya is $4,000 or its equivalent in other currencies, with the possibility of considering changing it later. The circular stipulated that the applicant must manage a bank account with the bank through which the sale is made. The account should cover the value of the currency sold at the time and be used to issue and charge Visa and MasterCard cards or open foreign exchange accounts for citizens to deposit the currency and enable them to use it via cards or transfer it to another account.
The circular also stipulates that individuals and legal entities are allowed to purchase foreign currency in citizens’ foreign exchange accounts and accumulate it without a specific ceiling within the banking sector, provided that it is used for specified purposes or transferred via quick transfers in foreign currency “Money Gram or Western Union” according to the commission agreed upon with the two companies. Without adding any other commissions.
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2024-05-31 20:03:45