Regulatory Alerts2023-07-12
Added · Updated
Central Bank of Libya Circular No. 5/2014: Regulations Governing Electronic Banking Card Transactions
The Central Bank of Libya establishes annual, daily, and monthly withdrawal limits for electronic banking cards, setting the annual cap at $10,000, the daily ATM withdrawal limit at $200, and the monthly ATM withdrawal limit at $5,000. Additionally, a daily point-of-sale (POS) spending limit of $50 is imposed, which deducts from the daily balance, and card issuance is restricted to individuals who have reached the legal age of majority. Commercial banks are required to implement these instructions starting January 1, 2015, and bear full legal responsibility for non-compliance under Law No. (1) of 2005 concerning banks.
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