CBL contracts to print LD 30 billion in new notes to alleviate liquidity crisis and replace old currency

The Central Bank of Libya (CBL) announced yesterday that it has contracted to print LD 30 billion of new money notes. It said these will be injected into the banking sector and replace the old currency, which will be withdrawn smoothly according to a previously drawn timetable.

The news came after CBL Governor, Naji Issa, held compliance meetings on Sunday for the purpose of following up on the CBL’s plan towards solving the problem of the cash liquidity scarcity.

Liquidity problem to be solved from January 2025
At the meeting, the CBL reported that the Governor directed the directors of the concerned CBL departments, the liquidity team, and the general managers of banks that suffer from a lack of liquidity at their branches, to the need to manage this file in line with the plan approved by the CBL Board of Directors, which ensures that this problem is solved gradually and radically, starting from January 2025.

Developing infrastructure to expand e-payments
In the same context, the Governor stressed the need to improve and develop the infrastructure of banks in order to achieve the expansion of electronic payment services according to the prepared plan.

It was also agreed to raise the ceilings of instant payment at the level of individuals and merchants to be 20,000 dinars per transfer for individuals, and 100,000 dinars for one purchase. This is in addition to the launch of a new service for transferring between companies with a ceiling of one million dinars per transfer.

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