The Central Bank of Libya (CBL) has said that the cost of paying every Libyan family LD 2,000 and every unmarried . . .[restrict]member of a family LD 200 will amount to LD 3.5 billion.
CBL chairman Saddek Elkaber, said on Friday that the bank will start processing the payments next month as the database for was now ready to work on. However, he warned that any misuse of the payment method could cost the country an additional LD 35 million.
Speaking at a workshop in Tripoli organized by the CBL on Islamic banking, Elkabir that the cash flow at the Libyan banks was relatively “good”, compared to last November. At that point, he said, “we were talking about LD 300 million in all the Libyan banks including the Central Bank. But now we can talk about LD 1.6 billion.”
The main reason fro the change is seen as the withdrawal of the LD 50 and LD 20 notes, which are being replaced. People have had to hand them in.
Elkaber encouraged Libyans to trust banking services and deposit their cash held privately — estimated at LD 15 billion.
The main reason for this was that the Qaddafi regime limited the monthly amount individuals could withdraw from accounts was LD 750. This has now been increased to LD 2,000.