Regulatory Alerts2023-07-12
Central Bank of Libya Circular 6/2021 on Foreign Currency Sales for Personal, Study, and Medical Purposes
The Central Bank of Libya issued Circular 6/2021 to establish unified limits and procedures for banks selling foreign currency to Libyan citizens aged 18 and above. The circular sets annual caps of $20,000 for personal expenses (including card charging and fast remittances), $15,000 for overseas study, and $20,000 for medical treatment, all processed via the National ID system. It mandates strict compliance with anti-money laundering laws, requires embassy-certified invoices for study and medical transfers, and standardizes bank commissions to ensure citizens bear no hidden fees.
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