The Central Bank of Libya (CBL) announced that it has received international approval to import US$ 600 million monthly in cash, for the first time in 15 years.
In a statement to and reported by the privately owned and Istanbul based Libyan satellite TV channel, Libya Al-Ahrar, last Wednesday (28 January), the CBL announced the imminent resumption of the Personal Currency Allocation system, with an initial limit of US$ 2,000. Citizens can withdraw this amount in cash through exchange companies and offices.
The statement added that licensed foreign exchange bureaux are now operational and ready to provide the dollars in cash.
According to the CBL, those wishing to obtain foreign currency for purposes other than personal, medical, or educational reasons will be granted a purchase permit from exchange companies and bureaux, with an annual limit ranging between $8,000 and $10,000.
Dollar imports to Libya were halted in 2013 following a robbery at the CBL branch in Sirte attributed to Islamists / the Islamic State.
As part of its reforms, the CBL is hoping these measures will bring down the price of the foreign exchange rate of the US dollar on Libya’s black-market.
