Regulatory Alerts2023-07-12
Central Bank of Libya Circular No. 3/2016
The Central Bank of Libya issued Circular No. 3/2016 to implement Governor Decision No. (11) of 2016, which amends Article 3 of the 2013 foreign currency regulations by reducing the maximum annual transfer limit for a single person by 50% to $7,500.00 (or equivalent) for various purposes. The circular mandates commercial banks and affiliated financial institutions to enforce this revised limit while permitting personal foreign currency purchases, provided applicants maintain an active account at the relevant bank for at least six months. All listed departments and branches are directed to adopt the necessary administrative procedures and fully implement the decision's provisions effective immediately.
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