Regulatory Alerts2012-01-04
Added · Updated
Circular 1/2012: Resumption of Personal Foreign Remittance Services
The Central Bank of Libya authorizes commercial banks and the designated exchange company to resume personal foreign remittance services via Western Union and MoneyGram. Outbound transfers are capped at $1,000 per transaction and $5,000 annually per beneficiary, while the central bank allocates up to $100 million monthly in foreign currency to cover banks' correspondent liabilities based on historical 2009-2010 data. Banks must report their monthly ceilings and weekly statistical data on transactions to the Banking and Currency Supervision Department.
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