By Ajnadin Mustafa.
Tripoli, 4 September 2015:
Tunisian police have seized foreign currency worth €2.15 million in a bust that is likely part . . .[restrict]of the credit card scam which has been costing Libyan banks millions.
Details of the arrest in the early hours of yesterday morning are sketchy. However, it appears that two Tunisians travelling in a white BMW were arrested on the RN19 highway between Medenine and Tataouine. Some reports suggest that they may have been transferring the foreign currency to another vehicle.
Police showed off a haul that appeared to be made up of euros and British pounds with a smaller amount of US dollars.
Libyan banks have been reeling under the credit card scam. Their credit cards are being used abroad to withdraw foreign currency which is then smuggled back into Libya. The card holders are billed by their banks for the withdrawals at the official rate while the foreign currency is being sold for significantly more on the black market.
The Central Bank of Libya has just produced new card-issuance regulations designed to clamp down on the practice.