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By Libya Herald reporter.
Tunis, 7 February 2016:
The Central Bank of Libya (CBL) announced today that it will as of today resume . . .[restrict]accepting orders for foreign currency from local Libyan banks.
The CBL had frozen the supply of foreign currency to local banks on 20 December 2015.
The supply of hard currency to local banks will be for the opening of Documentary Letters of Credit, for transfers by Western Union and MoneyGram, for debit card use and for private transfers for health or educational purposes.
The CBL stressed, however, that all foreign currency demands from local banks will be transacted through its new online system. This system was developed by the CBL to better control the demand and distribution of foreign currency within Libya banks.
The system enables the CBL to monitor in detail on a daily basis the demand and sale of foreign currency by local banks to individuals and companies as part of its efforts to fight financial crime and money laundering. [/restrict]
