Regulatory Alerts2024-02-01
Added · Updated
Central Bank of Libya Circular 2/2024: Regulations Governing Foreign Currency Transactions
The Central Bank of Libya establishes strict controls for banks regarding the purchase of foreign currency for opening standby letters of credit, setting maximum limits of $2 million for services, $3 million for commercial goods, and $7 million for industrial goods per beneficiary, while prohibiting the splitting of industrial transactions to exceed these caps. For personal purposes, Libyan citizens aged 18 and above are limited to purchasing $4,000 USD annually across all banks, with funds restricted to specific uses such as Visa/MasterCard issuance, foreign currency accounts, or rapid transfer services. Banks are mandated to verify documentation authenticity, enforce anti-money laundering protocols, and ensure that all standby letters of credit are fully covered by available account balances at the time of issuance.
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