Regulatory Alerts2023-07-12
Added · Updated
Circular 3/2017: Regulations Governing the Sale of Foreign Currency for Personal Purposes for 2017 Disbursed to Heads of Libyan Families
The Central Bank of Libya authorizes the sale of foreign currency to heads of Libyan families at a rate of 400 US dollars per registered family member, with a 6-dinar service fee per individual. Banks must open specific sub-accounts for these transactions, which can be used for personal remittances via Western Union or MoneyGram, Visa or MasterCard issuance, or cash withdrawals. The regulations remain effective until December 31, 2017, and require the establishment of regulatory committees at both the bank and central bank levels to oversee compliance and handle appeals.
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