Regulatory Alerts2012-04-29
Added · Updated
Circular No. 2/2013
The Central Bank of Libya exempts specific public entities, including oil and gas companies, insurance firms, steel producers, electricity utilities, telecommunications subsidiaries, airlines, and cement manufacturers, from the maximum foreign exchange transfer limits established in Governor’s Decision No. 1 of 2013. The circular also waives the requirement for ministerial approval for these public units and permits commercial banks to approve direct foreign transfers for private sector industrial needs up to $10,000 for urgent non-commercial supplies shipped via air freight. Additionally, it allows the conversion of foreign currency received from abroad by public and private institutions and individuals in accordance with existing regulations.
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