CBL invites applicants who had previously obtained initial approval to establish FX bureaux to resubmit applications

The Central Bank of Libya (CBL) invited yesterday applicants who had previously obtained initial approval to establish foreign exchange bureaux to resubmit their applications by 31 December this year.

The CBL said these applications will be submitted to the (soon to be announced) Board of Directors for final approval. It added that new applications will be considered for acceptance in the future in accordance with the announced laws and procedures.

The CBL added that this call for re-application comes within the framework of its role in regulating the buying and selling of foreign currency through legal entities licensed to deal in foreign currency.

Such entities, it continued, operate under the supervision and control of the CBL, in accordance with the provisions of the law and the controls regulating their work, in a manner that ensures combating money laundering and financing of terrorism, and eliminating the phenomenon of distortion in the foreign exchange market and controlling its price and stability.

Background
It will be recalled that currently, and for decades, black / parallel market foreign exchange traders operate unlicenced and in broad daylight.

The move has been welcomed by businessmen and analysts as well overdue. It sends a positive signal about the new CBL Governor, Naji Issa, as a reformist move in contrast to his ‘‘conservative’’ predecessor Saddek El-Kaber, they add.

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