Regulatory Alerts2023-07-12
Central Bank of Libya Circular 2011/3: Clarification on Salary Transfers for Moroccan Contract Workers
The Central Bank of Libya issued Circular 2011/3 to clarify procedures for transferring salaries of non-Libyan workers under Moroccan contracts, mandating that employment contracts be denominated in Libyan Dinars without fixed conversion caps. The directive requires banks to adhere to existing foreign exchange controls and Know Your Customer (KYC) regulations while allowing transfers based on contractual payment terms. Additionally, it permits non-citizens to purchase up to $5,000 in cash for personal travel and allows visiting medical professionals to withdraw up to $10,000, subject to specific regulatory conditions.
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