The Central Bank of Libya (CBL) held an expanded meeting with recently approved foreign exchange bureaux and companies last Thursday (1 January), to organise the mechanism for supplying them with foreign currency and facilitating financial transfers.
The CBL reported that the meeting, attended by representatives of foreign exchange bureaux and companies soon to be operating in the sector, aimed to review the new mechanism for funding their accounts with foreign currency from the Central Bank and how to use it in their assigned operations.
The mechanism comprises two phases: the first for rapid money transfers through specialized companies (such as Western Union and MoneyGram), and the second for direct transfers (SWIFT 103 – standardized message format used by banks for international wire transfers) through the exchange bureaux’s bank accounts at operating banks.
The CBL said attendees discussed the operational and technical aspects of the mechanism, with the CBL providing a presentation and answering their inquiries.
The CBL confirmed that the actual activation and testing of the systems allocated to them would begin in January 2026.
The CBL emphasized that all these steps would be carried out within the framework of applicable regulations and instructions.
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