Regulatory Alerts2023-07-12
Central Bank of Libya Circular No. 3/2017 on the Sale of Foreign Currency for Personal Purposes to Libyan Heads of Households
The Central Bank of Libya issued Circular No. 3/2017 to regulate the sale and allocation of foreign currency for personal purposes to Libyan heads of households through dedicated US dollar sub-accounts. The circular mandates a fixed allocation of 400 USD per registered family member, deducts the amount plus a 6-dinar service fee from local currency current accounts, and permits usage via Western Union/MoneyGram remittances, Visa/MasterCard loading, or cash withdrawals. Valid until December 31, 2017, the directive establishes bank-level and central oversight committees to monitor compliance, process appeals, and publish periodic disbursement reports.
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