No Result
View All Result
Saturday, May 24, 2025
23 °c
Tripoli
24 ° Sat
24 ° Sun
  • Advertising
  • Contact
LibyaHerald
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Business

Aman bank to offer Mastercard to suspended Visa debit card customers

bySami Zaptia
December 31, 2014
Reading Time: 2 mins read
A A

By Libya Herald staff.

Aman Bank cards (Photo: Aman bank)
Aman Bank cards (Photo: Aman bank)

Malta, 31 December 2014:

Libya’s private-sector Aman bank, 40 percent owned by Portuguese BES bank, is offering replacement Mastercard . . .[restrict]debit cards to its customers with suspended Visa Electron debit cards.

The Amman bank Visa Electron card had had to be suspended upon instructions from Visa card due to Libyans using the card to withdraw large amounts of dollars abroad, and especially in Turkey, Amman bank reported.

This, Amman banks reports, had led the money laundering unit at Visa card to view these especially large withdrawals with suspicion.

RELATED POSTS

Electronic Payment Forum and Exhibition – 20 to 22 May at Tripoli International Fairgrounds

CBL and ACA working committee to work on economic reforms – including elusive and politically challenging unified budget

Amman bank said that there has been large demand on debit cards by its customers over the last few months, in view of the economic and political situation in Libya, a fact that it has pointed out to Visa card. Amman bank also pointed out that it has been cooperating with the money laundering unit of visa card and is of the view that it has responded to all its queries.

To this end, Amman bank said that it was optimistic that the suspension of services by Visa card would be lifted soon. The bank pointed out that, meanwhile, normal withdrawals were still continuing for its Gold visa card and Net visa debit card customers.

In view of this suspension of its Visa debit cards, Amman bank has taken the step of automatically issuing replacement Mastercard debit cards to all its customers holding suspended Visa debit card.

The control of foreign currency transfers by the Central Bank of Libya (CBL) has affected debit cards issued by all Libyan banks.

Earlier in December, Libya’s National Commercial Bank (NCB) announced that it would be imposing an annual spending limit of LD 15,000 and a daily cash withdrawal limit of LD 500 on its Tourist Visa Debit Cards.

The NCB said that the decision wais based upon instructions from the CBL and Visa Card.

In September, the privately-owned Bank of Commerce and Development was forced to stop its customers from making cash withdrawals abroad using its Visa debit cards too. That move was also believed to be in response to some customers misusing the debit card in order to transfer foreign exchange out of Libya for foreign exchange trading purposes as opposed to for personal use.

The phenomena of some Libyan Visa debit card holders using their cards to trade in foreign currency comes as a result of the CBL controlling the amount of hard currency sold in Libya and not allowing the Libyan Dinar exchange rate to float.

The high demand and low supply of foreign currency has caused a thriving foreign currency black market in the country.

 

Currency CBL official rate Black market rate
1 Dollar 1.20 1.79
1 Euro 1.50 2.19
1 Sterling 1.91 2.75

The official and black market exchange rates in Tripoli today

 

However, Libya’s political turmoil and fighting between the two main factions has meant that oil production has remained in the hundreds of thousands as opposed to the peak 1.5 million bpd. This has restricted Libya’s foreign currency earnings. The country is struggling with annual deficits and has had to dip into its currency reserves accumulated during the Qaddafi era. [/restrict]

Tags: Aman bankCBL Central Bank of Libyaexchange rateMastercard debit cardVisa debit card

Related Posts

Aldabaiba stresses need to activate agricultural projects in cooperation with private sector
Business

Agriculture Ministry Undersecretary visits South Korea‎ – discusses establishing tractor factory

May 22, 2025
LAIP delegation visits Maputo, Mozambique to recover seized rice project
Business

Committee for Libya Africa Transit Corridors Project convened with Niger Chargé d’affaires – agree to develop MoU

May 22, 2025
Libya and Shell discuss several areas of cooperation
Business

Acting Minister of Oil and Gas meets Shell delegation to discuss future partnership opportunities

May 21, 2025
Tripoli airport closed on Friday for maintenance
Business

Tripoli International Airport to open to private flights and ambulance flights

May 21, 2025
Libyan European Forum for Oil, Gas and Energy held in Malta from 15 to 16 May
Business

Libyan European Forum for Oil, Gas and Energy held in Malta from 15 to 16 May

May 18, 2025
4th Libyan German Business Forum held in Tripoli from 12 to 14 May
Business

4th Libyan German Business Forum held in Tripoli from 12 to 14 May

May 17, 2025
Next Post
Clearance begins after Tripoli fireworks shop goes up in smoke

Clearance begins after Tripoli fireworks shop goes up in smoke

Libya in 2014: A recap of the year's events

ADVERTISEMENT

Top Stories

  • Tripoli airport closed on Friday for maintenance

    Tripoli International Airport to open to private flights and ambulance flights

    0 shares
    Share 0 Tweet 0
  • ‘‘For the first time, Libyans have hope to get rid of these militias, and the dream of the rule of law and institutions is almost a reality soon’’: Aldabaiba

    0 shares
    Share 0 Tweet 0
  • Largest direct reduced iron (DRI) factory in the world to be established by Turkish company Tosyali in Benghazi

    0 shares
    Share 0 Tweet 0
  • Nine Corpses found in mortuary fridges in Al-Khadra Hospital – disbanded SSA militia say they are Hafter’s mercenaries

    0 shares
    Share 0 Tweet 0
  • Libyan European Forum for Oil, Gas and Energy held in Malta from 15 to 16 May

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

Agriculture Ministry Undersecretary visits South Korea‎ – discusses establishing tractor factory

Committee for Libya Africa Transit Corridors Project convened with Niger Chargé d’affaires – agree to develop MoU

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms below to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • Login
    • Sign Up
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.