Regulatory Alerts2024-10-07
Central Bank of Libya Circular No. 14/2024
The Central Bank of Libya issued Circular No. 14/2024 to implement Parliament Speaker Decision No. 68 of 2024, which reduces the official foreign exchange rate tax to 20% for all purposes. The circular mandates banks to resume the personal goods system and facilitate documentary credit procedures for all goods and services effective immediately. Furthermore, it directs that the collected tax revenue be allocated to developmental projects or added to the Central Bank's public debt repayment reserves, subject to parliamentary exceptions.
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