Central Bank of Libya Circular 6/2021 on Foreign Currency Sales for Personal, Study, and Medical Purposes

Central Bank of Libya
P.O. Box 1103 | Telegraphic Address: MisrLibya - Tripoli - Libya

Reference: I.R.M.N. 804
Circular No. (2021/6)
Date: 11 Rabi' al-Thani 1443 AH
Corresponding to: 17/11/2021

To the General Managers of Banks,
Greetings,

Subject: Regulations Governing the Sale of Foreign Currency for Personal, Study, and Medical Purposes

Based on the provisions of Law No. (1) of 2005 concerning Banks and its amendments, and on the supervisory and monitoring role exercised by the Central Bank of Libya over banks in accordance with the provisions of the Law, We hereby notify you of the Central Bank of Libya’s instructions regarding the regulations governing the sale of foreign currency for personal, study, and medical purposes as follows:

First: Personal Purposes
Banks are authorized to approve the sale of foreign currency for personal purposes via the National ID number for every Libyan citizen aged eighteen years or above, according to the following:

1. The maximum limit for transfers per person through all banks operating in Libya is twenty thousand United States dollars ($20,000) or its equivalent in other currencies per year, provided that the person manages a bank account with the transferring bank and the transfer is executed through the following means:

• Issuance/charging of international Visa or MasterCard cards, not exceeding ten thousand United States dollars ($10,000) per year.
• Execution of fast foreign currency remittances for personal purposes via international Western Union or MoneyGram, such that each single transfer does not exceed two thousand United States dollars ($2,000) or its equivalent in other currencies, and the annual total does not exceed ten thousand United States dollars ($10,000).

2. The commission charged by the bank for fast remittances is based on the agreement with Western Union or MoneyGram, and citizens bear no additional fees or commissions.
3. The commission for issuing and managing international bank cards is in accordance with the instructions issued pursuant to this Administration’s Circular No. (2019/1), dated 2019/01/16, as follows:

Service Description	Maximum Commission or Fee Limit
Card issuance or renewal	70 LYD maximum, deducted once for the entire card validity period, provided that validity is not less than two years
Card charging/top-up	10 LYD maximum
International card account management	40 LYD annually, maximum
Replacement/Re-issuance of lost card	100 LYD maximum, or its equivalent in foreign currency.
Issuance of replacement PIN (PIN)	10 LYD maximum
Point-of-Sale "Internet" purchases	1 USD or its equivalent, maximum per transaction.
Cash withdrawal from ATM	4 USD or its equivalent, maximum per every 100 USD.
Dispute on ATM or POS transaction	50 USD maximum, and free of charge if the dispute is valid.

Second: Study

1. Banks are authorized to sell foreign currency for natural persons for the purpose of studying abroad, with a maximum limit of fifteen thousand United States dollars ($15,000) per academic year for each student, via the National ID through the personal purposes system. It is required that the study be at an approved school, institute, or university in the host country.
2. Submission of a study cost invoice issued by the educational institution, detailing the account to which tuition fees are transferred. It is required that the submitted documents for the transfer request be recent and certified by the Libyan Embassy in the host country, and that the transfer is made directly to the educational institution's account.

Third: Medical Treatment

1. Banks are authorized to sell foreign currency for natural persons for the purpose of medical treatment abroad, with a maximum limit of twenty thousand United States dollars ($20,000.00) per year, via the National ID and through the personal purposes system.
2. Submission of a medical cost invoice issued by one of the hospitals or treatment centers, detailing the account to which treatment costs are transferred. It is required that documents supporting the transfer request do not exceed three months in age, be certified by the Libyan Embassy in the host country, and that the transfer is made directly from the patient’s account or a first-degree relative’s account to the hospital or treatment center's account.

General Conditions:

1. Compliance with the anti-money laundering and counter-terrorist financing regulations stipulated in Law No. (2017/1013).
2. Working to mitigate risks associated with foreign currency sales for personal, study, and medical purposes by activating the bank’s supervisory departments (Risk, Compliance, Internal Audit) to achieve sufficient preventive control.

Accordingly, you are requested to take the necessary measures to implement the aforementioned regulations.
Greetings and God’s mercy and blessings,

Dr. Mokhtar Al-Hadi Al-Taweel
Director of Banking and Currency Supervision Department