CBL imposes new foreign currency transfer rules

By Libya Herald reporter.

Tunis, 02 December 2015:

The Central Bank of Libya (CBL) has today issued further rules and regulations on local banks for the personal transfer of foreign currency for Libyan citizens. The 16 point statement hold the following:

1-There is to be an upper transfer limit of US$ 1,000 equivalent per transfer per person.

2-There is to be an annual transfer limit of US$ 5,000 per annum per person.

3-Transfers are only to be transacted through the use of authenticated National ID Numbers of the sender and receiver (If the receiver is a Libyan national).

4-Transfers are only to be transacted for citizens over 18 years old.

5-Banks must provide an average transfer price whether transferring or receiving.

6-Banks can buy and transfer currency as long as they use CBL approved prices.

7-Clients are not to be charged commission which should be included in exchange prices.

8-Libyan dinars cannot be transferred or received.

9-Banks must use CBL provided forms.

10-Banks cannot transfer money for persons who cannot provide official documentary identification.

11-Banks must respect the rules and regulations on money transfer and money laundering.

12-Libyan banks must provide copy of Libyan money transfer rules and regulations, including anti money laundering and anti-financing of terrorism rules to corresponding banks.

13-Banks must reveal their weekly currency transfers

14-Banks must provide monthly details of transfer including the ID numbers of clients and the destinations of transfers.

15-Banks should create a software system for their currency transfer transactions.

16-Banks must store and make available all transfer records for CBL inspection.

The CBL said that Liban banks will be held liable for breaking all currency transfers rules and will be held liable in any proven part in corruption or the unequal treatment of citizens in the distribution of hard currency. [/restrict]