By Sami Zaptia.
London, 10 March 2016:
The Audit Bureau held a meeting today with Libya’s largest bank, Jumhouria bank, urging it to . . .[restrict]urgently facilitate the opening of Letters of Credit (LCs), the activation of debit cards, and the resumption of personal foreign currency transfers agreed upon in yesterday’s meeting with the Central Bank of Libya (CBL).
The Audit Bureau also held a meeting with the CBL department in charge of electronic point of sales transactions. As a result of the meeting, the Audit Bureau called upon the Libyan public to apply for debit cards and encouraged their increased use at point of sales at Jumhouria, Commercial, North Africa and Wehda banks.
In response, the National Commercial Bank today repeated its February announcement calling upon its customers who hold debit cards to provide authenticated proof of their National ID Number in order that their debit cards are reactivated. It warned that customers that fail to provide a valid National ID Number by 15th March will have their debit cards terminated even if they are in credit.
It also invited customers wishing to open LCs or transfer foreign currency for personal use, within the conditions set by the CBL, to direct their enquiries to their local branch.
Meanwhile, Jumhouria bank has announced that it will commence toping up and reactivating debit cards, but that no new cards are being issued.
It is actively encouraging both customers and retailers into using their debit cards for payment at shops and stores and has engaged in a drive over the last few months in marketing this cashless service.
This sudden activity by the Audit Bureau and the various local Libyan banks comes on the back of yesterday’s meeting between the Audit Bureau and the CBL in an effort to solve the shortage of cash at banks which has led to crowds at banks as well as an attempt to halt the rise in the Libyan dinar black market exchange rate. [/restrict]