Regulatory Alerts2023-07-12
Circular 5/2015 on Regulations Governing the Use of Electronic Travel Cards
The Central Bank of Libya issued Circular 5/2015 to establish comprehensive regulations and monetary caps for the issuance and use of electronic travel cards by commercial banks. The circular mandates that all new and existing cards be linked to a customer's National ID, sets non-cumulative annual limits at $10,000, and defines specific daily, weekly, and monthly caps for ATM withdrawals, POS transactions, and online payments. Furthermore, it repeals prior withdrawal limits, grants banks discretion to set lower caps based on foreign currency cover and Sharia compliance, and subjects all issuing branches to periodic audits with penalties for non-compliance under Law No. 1 of 2005.
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