Regulatory Alerts2024-05-16
Added · Updated
Central Bank of Libya Circular No. 5/2024 Regarding Implementation of House of Representatives Decision No. 15 of 2024 on Exchange Rate Tax
Decision No. 15 of 2024 imposes a 27% fee on the official exchange rate for foreign currencies for all purposes, effective until December 31, 2024. Central Bank of Libya Circular No. 5/2024 directs general managers of banks to implement this decision by adjusting foreign currency selling prices and facilitating transactions including letters of credit, requiring customers to declare acceptance of the price plus the fee. Revenue generated from this fee is designated for covering financing project expenses or adding to Central Bank resources for public debt repayment under House of Representatives Law No. 30 of 2023.
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