Regulatory Alerts2023-07-12
Added · Updated
Circular 5/2015: Regulations Governing the Use of Electronic Payment Cards
This circular establishes new regulations for commercial banks and the Libyan Foreign Bank regarding electronic payment cards, defining them as a personal product for individual customers. It mandates that customers provide a National ID for new and existing cards, with charging and re-activation stopped for unlinked cards. The circular sets specific limits: an annual card limit of USD 10,000, a daily ATM cash withdrawal limit of USD 200 (not exceeding USD 4,000 monthly), a daily POS cash withdrawal limit of USD 50, and purchase/payment limits of USD 1,500 daily, USD 2,500 weekly, and USD 4,000 monthly. It also cancels Circular I.R.M. No. (5) of 2014 and warns of penalties for non-compliance with these new rules.
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