CBL issues rules for official money transfers for expats working under contract

By Sami Zaptia.

London, 5 January 2021:

The Central Bank of Libya (CBL) issued last Thursday (31 December) rules for salary transfers for expats on foreign employment contracts in the public and private sector, provided that they hold a valid bank code.

Commercial banks must process these requests through the system assigned to this purpose which must include:

1. A colour photocopy of the expatriate’s valid passport
2. A valid work contract that includes the transferable salary ratio specified by the Ministry of Labour
3. A copy of the residence in force
4. A statement approved by the authorized person of the expatriate