Regulatory Alerts2023-07-12
Central Bank of Libya Circular 2/2013 Regarding Foreign Exchange Transfers
The Central Bank of Libya issued Circular 2/2013 to grant specific public and private entities exemption from the foreign exchange transfer limits established in Decision No. 1 of 2013. The directive permits designated sectors, including oil and gas, insurance, steel, electricity, telecommunications, aviation, and cement, to process necessary external payments without adhering to the standard caps. Additionally, commercial banks are authorized to approve small-value urgent industrial supply transfers up to $10,000 directly, bypassing the requirement for ministerial approval for public sector entities.
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