Regulatory Alerts2023-07-12
Circular No. 9 of 2018 on the Sale of Foreign Currency for Personal, Study, and Medical Purposes
The Central Bank of Libya issued Circular No. 9 of 2018 to establish comprehensive regulations and operational limits for the sale of foreign currency to citizens for personal, study, and medical purposes. The circular sets a maximum annual transfer limit of USD 10,000 for personal use and USD 50,000 for medical treatment across all Libyan banks, while mandating the use of the CBL-Key, direct institutional transfers for tuition, and certified medical invoices. It further standardizes card issuance fees, fast remittance commissions via Western Union and MoneyGram, and documentation requirements to streamline foreign currency transactions for individuals.
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