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.
Central Bank of Libya
P.O. Box 1103 | Telegram Addresses: Central Bank of Libya - Tripoli, Libya
Subject: No. N/804
Circular No. N (3/2016)
Date: 11 Rabi' al-Thani 1437 AH
Corresponding to: January 21, 2016 AD
To the General Managers of Commercial Banks
To the Heads of Temporary Administrative Committees of Commercial Banks
To the General Manager - Libyan Foreign Bank
To the General Manager - Mu'amalat Financial Services Company
With greetings...
Based on the provisions of Law No. (1) of 2005 concerning Banks and its amendments, and in implementation of the supervisory and monitoring role exercised by the Central Bank of Libya over commercial banks.
And with reference to Circular No. N (1/2013), issued on 02/01/2013, which conveyed the decision of the Governor of the Central Bank of Libya No. (1) of 2013 concerning the regulation of foreign currency transactions and the definition of powers for executing external transfers for various purposes.
It has been noted that the Governor's Decision No. (11) of 2016 concerning the regulation of foreign currency transactions and the definition of powers for executing external transfers for various purposes was issued, which Article 1 thereof stipulates the amendment of Article 3 of the Governor's Decision No. (1) of 2013, mentioned above, such that the maximum annual limit permitted to be transferred to a single person is reduced by 50% to (7,500.00) US dollars, or its equivalent in foreign currencies, for various purposes.
Foreign currency purchase and transfer requests for personal purposes are permitted, provided that the transfer applicant manages a bank account at the relevant bank and has been dealing with the bank for a period of no less than six months from the date of application.
And in light of the aforementioned Governor's Decision No. (11) of 2016, you are requested to take the necessary measures and implement its contents.
Peace, mercy of God, and blessings be upon you,
"Abdul Hafeeth Saadoun Tribil"
Director of Banks and Currency Supervision Department / Acting
Distribution //
To the Governor
To the Head of the Bank Competition Regulation Committee – Central Bank of Libya
To the Director of Information and Marketing Department, Central Bank of Libya
To the Director of Accounts Department, Central Bank of Libya
To the Branch Managers of Central Bank of Libya (Benghazi – Sabha - Egypt)
To the Department/Unit Managers at Banks (Rifai – Istiqlal - Al-Ghalam Financial Services)
Data and Statistics Department
The Subsidiary Department of Istiqlal Bank attached.
1/ Kilani / Circular No. 3
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