Circular No. 9 of 2018 on the Sale of Foreign Currency for Personal, Study, and Medical Purposes

Central Bank of Libya
P.O. Box 1103 | Telegraphic Address: CBL - Tripoli - Libya

Reference: ARMN/804
Circular No. (9) of 2018
Date: 13 Muharram 1440 / 23 September 2018

To the Respected General Managers of Banks,
The Respected General Manager of Ma'amalat Financial Services Company,

Greetings,

Subject: Regulations Governing the Sale of Foreign Currency for Personal, Study, and Medical Purposes

Based on the provisions of Law No. (1) of 2005 concerning Banks, as amended by Law No. (46) of 2012, and the supervisory and monitoring role of the Central Bank of Libya under these provisions. And with reference to Resolution No. (1) of 2018 issued by the Chairman of the Presidential Council of the Government of National Accord regarding the determination of the fee charged on foreign currency sales.

The Central Bank of Libya hereby issues its instructions regarding the regulations governing the sale of foreign currency for personal, study, and medical purposes, as follows:

First: Regulations and Methods of Selling Foreign Currency for Personal Purposes:

• Banks are authorized to sell foreign currency to citizens for personal purposes as follows:
  1. Processing fast remittances in foreign currency for personal purposes via Western Union or MoneyGram.
  2. Issuing and shipping international Visa or MasterCard cards.
  3. Processing direct transfers.
  4. The maximum limit for amounts transferred to a single person across all banks operating in Libya and through all channels is USD 10,000.00 (ten thousand US dollars) per year, provided that the person maintains a bank account with the transferring bank.
  5. The commission charged by banks for fast remittances is based on agreements with the fast remittance companies (Western Union and MoneyGram), and citizens bear no additional fees or commissions.
  6. Supporting documents submitted with transfer requests must be recent.
  7. The commission for issuing and managing international bank cards is as follows:

No.	Type of Commission	Commission Value
1	Issuance or renewal of the card (deducted only once), with a minimum validity period of two years for issued cards	Up to 100 dinars
2	Shipping	Up to 20 dinars
3	Replacement card issuance / re-issuance	Up to 150 dinars
4	Purchase commission via POS terminals and international information network ("Internet")	Up to 1 US dollar
5	Cash withdrawal commission via international ATMs per transaction	Up to 4 US dollars for every 100 US dollars

Second: Regulations on Selling Foreign Currency for Study Abroad Purposes:

• Banks are authorized to sell foreign currency to natural persons for study abroad as follows:
  1. The transfer applicant must obtain the Bank Code (CBL-Key).
  2. The educational institution to which funds are transferred must be accredited by the accreditation authority in the study country.
  3. Submission of an invoice for tuition costs issued by the educational institution, detailing the account to which study costs will be transferred.
  4. The bank must process the transfer directly to the educational institution's account.
  5. Supporting documents submitted with transfer requests must be recent.

Third: Regulations on Selling Foreign Currency for Medical/Treatment Abroad Purposes:

• Banks are authorized to sell foreign currency to natural persons for medical treatment abroad as follows:
  1. The maximum permitted amount transferred per person for medical purposes is USD 50,000.00 (fifty thousand US dollars) per year, or its equivalent in foreign currencies.
  2. The transfer applicant must obtain the Bank Code (CBL-Key).
  3. Submission of an invoice for medical costs issued by hospitals or treatment centers, detailing the account number to which treatment costs will be transferred, certified by the Libyan Embassy in the beneficiary's country.
  4. Submission of proof of the patient's entry into the treatment country (visa or entry stamp).
  5. Supporting documents submitted with transfer requests must be recent.
  6. A final clearance confirming the settlement of the amount is required upon completion of treatment.

Accordingly, you are requested to take the necessary measures to implement the aforementioned instructions.
Peace, mercy of Allah, and blessings be upon you,

Dr. Mukhtar Al-Hadi Al-Taweel
Director of Banking and Currency Supervision Department

Copies to the Respected:

• Governor
• Manager of the Presidential Council Office, Government of National Accord
• Deputy Minister of the Administrative Control Authority
• Deputy Minister of Economy and Industry, Government of National Accord
• Director of the Office of the Auditor General of Libya
• General Manager, Tax Authority
• General Manager, Customs Authority
• Director of Audit Department - Central Bank of Libya
• Director of Banking Operations Department - Central Bank of Libya
• Director of Payments and Settlements Department - Central Bank of Libya
• Director of Legal Affairs Department - Central Bank of Libya
• Director of Accounts Department - Central Bank of Libya
• Manager, Libyan Financial Information Unit (FIMU)
• Branch Managers of the Central Bank of Libya (Benghazi, Sirte, Sabha)
• Deputy Director of Banking and Currency Supervision for Office Supervision and Compliance Follow-up
• Heads of Compliance Units at Banks (for follow-up)
• Banking Follow-up and Compliance Monitoring Department

Ref: Al-Shibani / Circular 162 / 2018