Circular 12/2026

Based on the provisions of Law No. (1) of 2005 concerning Banks and its amendments, and on the role of the Central Bank of Libya in enhancing liquidity in the banking sector and developing investment tools to achieve financial and monetary stability, and with reference to Circular No. (15) of 2025 issued on 2025/04/15 regarding the commencement of issuing absolute Mudaraba deposit certificates.

We inform you that the Central Bank of Libya has adopted the Libyan Dinar-pegged deposit product as a non-traditional banking instrument, granting beneficiaries of this product priority in obtaining foreign currency, according to the following controls:

1. Banks are committed to facilitating the process of opening Libyan Dinar bank accounts for those wishing to benefit from this product, according to the controls, standards, and preparation of contracts and forms organizing this.

2. Bank customers, including individuals and private companies, are allowed to keep non-moving financial amounts for twelve months from the date of expiration of the specified period, according to the period.

3. Holders of Mudaraba deposit certificates in the annual issues issued by the Central Bank of Libya from May 1, 2026, may submit applications to obtain foreign currency after the maturity date, according to the prescribed ratios, in addition to the profits achieved by these certificates.

4. The prescribed ratio that owners of these accounts receive in foreign currency shall be equivalent to 50% of the value of the amounts kept, or the value of Mudaraba deposit certificates invested.

5. For the purpose of encouraging entry into this product, the percentage allocated from foreign currency will be 60% for those who enter this product during May 2026, and 55% for those who enter in June 2026. The Central Bank of Libya may modify these ratios according to the policies it deems appropriate.

6. Foreign currency purchase requests will be executed according to the official price approved on the execution date.

7. The foreign currency sold to owners of these accounts upon expiration of the specified period may be used for the following purposes:

• Conducting foreign currency transfers within or outside Libya.
• Opening documentary credits.
• Any other purposes specified by the Central Bank of Libya.

Therefore, you are requested to give the matter utmost importance and facilitate all procedures to enable your customers to open accounts for this product.

Peace be upon you...

Abdul Majid Muhammad Al-Maqouri
Director of Banking and Currency Supervision Department

Copies to the respected gentlemen/

• Governor
• Deputy Governor
• Director of Accounts Department - Central Bank of Libya
• Director of Financial Markets Department - Central Bank of Libya
• Deputy Director of Banking and Currency Supervision Department
• Deputy Director of Banking and Currency Supervision Department for Banking Supervision Affairs / Benghazi
• Deputy Director of Banking and Currency Supervision Department for Islamic Banking Affairs
• Deputy Director of Banking and Currency Supervision Department for Office Supervision and Compliance Monitoring Affairs
• Deputy Director of Banking and Currency Supervision Department for Inspection Affairs
• Compliance Department Directors at Banks

Circulars 2026