Regulatory Alerts2023-07-12
Added · Updated
Circular No. 4/2017: Amendments to Commissions and Caps on Bank Cards and Remittance Services
The Central Bank of Libya sets maximum caps for bank card issuance, management, and transaction fees, including a 75 LYD cap for issuance and a $1.00 USD cap for point-of-sale purchases. It mandates that remittance service commissions adhere to agreements with Western Union and limits single remittance transfers to $2,000 USD. Daily ATM withdrawal limits are set at $500 USD, and services are restricted to adult heads of households using foreign currency accounts. Banks are required to implement these instructions and face legal penalties for non-compliance.
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