No Result
View All Result
Sunday, July 13, 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

CBL reduces annual hard currency transfer limit for individuals

bySami Zaptia
February 10, 2016
Reading Time: 2 mins read
A A
CBL reduces annual hard currency transfer limit for individuals

(Photo: Sami Zaptia).

By Sami Zaptia.

The CBL has reduced the annual personal hard currency . . .[restrict]transfer limit by half (Photo: Sami Zaptia).
The CBL has reduced the annual personal hard currency transfer limit by half (Photo: Sami Zaptia).

London, 10 February 2016:

The Central Bank of Libya (CBL) announced today that it is reducing the annual hard currency transfer limit for individuals to the equivalent of US$ 7,500. The decision was published today but was dated 21 January 2016.

The new reduced hard currency limit at the official exchange rate between LD 1.30 to 1.50 to the US dollar applies to all hard currency requests by every individual Libyan for purposes of personal use. It does not apply to companies. Libyans are still able to buy hard currency on the black market at the inflated rate of over LD 3 per US dollar.

The new reduced CBL transfer limit for individuals is a 50 percent reduction from the previous maximum annual transfer limit of US$ 15,000 and is usually used by Libyans for the import of various personal use for goods and services, including medical and education bills and needs.

RELATED POSTS

CBL workshop on ‎”The Role of the Banking Sector in Revitalising Stalled Housing Projects and Urban Development”‎ to be held in Tripoli on 13 July

A 247,000-bpd oil production increase would achieve US$ 6 billion annually to enhance ability to meet FX demand, maintain strength of LD and achieve economic balance: CBL ‎

The 50 percent reduction will hit many Libyans seeking medical treatment abroad, but it will most affect those who have family members studying abroad.

Speaking to a number of families, Libya Herald has learnt that the new US$ 7,500 maximum annual transfer ceiling would not meet the annual living costs let alone the tuition fees of their family members abroad.

It will be recalled that the CBL had been, all be it with much delay, transferring hard currency at the official exchange rate for genuine tuition bills presented to up to the annual maximum limit of US$ 15,000.

The new reduced CBL maximum limit will also hit many members of the Libyan diaspora currently forced to live abroad for a variety of reasons during the troubled times Libya is now going through.

From the point of view of the CBL, the reduction further reflects Libya’s dire economic situation with the fast depletion of Libya’s hard currency reserves as a result of reduced oil production and the crash in international crude oil prices.

The move is also part of a wider effort by the CBL and Audit Bureau to fight financial corruption. [/restrict]

Tags: CBL Central Bank of LibyacorruptionEconomy Minister Munir Asereducationfeaturedforeign currency reserveshard currencyhealth

Related Posts

CBL receives results from meetings with international banks
Business

CBL workshop on ‎”The Role of the Banking Sector in Revitalising Stalled Housing Projects and Urban Development”‎ to be held in Tripoli on 13 July

July 11, 2025
Preparations for the second ‘‘Made in Libya’’ edition in Niamey, Niger progressing
Business

“Made in Libya” exhibition to be held in Benghazi from 10 to 13 August

July 11, 2025
Sirte and BACB to improve cooperation
Business

Sirte Oil completes drilling of horizontal well in Zilten field producing 1,985 bpd using local cadres

July 11, 2025
Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges
Business

Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges

July 10, 2025
Libyan olive oils win gold at Anatolian, Berlin and Japan 2025 international olive oil competitions
Business

Libyan olive oils win gold at Anatolian, Berlin and Japan 2025 international olive oil competitions

July 10, 2025
NOC announces force majeure at Zawia port
Business

Libyan Fertiliser Company’s urea plant achieves a 95 percent production rate

July 10, 2025
Next Post

Wheat imports delay could lead to bread flour shortage in east

CBL meets businesses regarding its new regulations for opening LCs

CBL meets businesses regarding its new regulations for opening LCs

ADVERTISEMENT

Top Stories

  • Benghazi port receives 398 containers of mixed goods, 25,000 tons of wheat, 28,500 tons of barley and 6,000 tons of cement

    All imports into Libya must be paid for through official bank transactions

    0 shares
    Share 0 Tweet 0
  • BP to reopen office in Libya, Shell discusses prospects for cooperation in oil field development‎

    0 shares
    Share 0 Tweet 0
  • Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges

    0 shares
    Share 0 Tweet 0
  • Libyan olive oils win gold at Anatolian, Berlin and Japan 2025 international olive oil competitions

    0 shares
    Share 0 Tweet 0
  • Aldabaiba opens First Phase of Tripoli’s Third Ring Road

    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

CBL workshop on ‎”The Role of the Banking Sector in Revitalising Stalled Housing Projects and Urban Development”‎ to be held in Tripoli on 13 July

Attorney General provides update on investigation of incidents resulting from Tripoli 2025 armed clashes and demonstrations

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.