Regulatory Alerts2023-07-12
Added · Updated
Central Bank of Libya Circular 2/2018: Amendments to Fees and Limits on Bank Cards and Remittances for Personal Foreign Currency Sales
The Central Bank of Libya mandates specific maximum fees for issuing, managing, and using international bank cards, as well as caps on cash withdrawals and electronic payments for Libyan household heads. The circular sets daily and monthly limits for Western Union and MoneyGram remittances at $3,000 per transaction and five transactions per month, respectively, while requiring banks to adhere to agreed commission rates with these providers. It also establishes a $10 Libyan Dinar fee for internal foreign currency transfers between household accounts and requires banks to publicize all applicable fees and educate customers on proper card usage.