According to a leaked letter, directed to all General Managers of banks operating in Libya, dated 28 April, the Central Bank of Libya (CBL) has issued new instructions to Libyan banks regarding the status of hard currency cash.
According to the circular, the CBL is now allowing banks in Libya to:
- Accept cash deposits
- Accept incoming foreign currency transfers
- Use these to make direct transfers within the country
- Make external transfers
- Open letters of credit
- Issue and load Visa and Mastercard cards
- Make fast transfers through Western Union and MoneyGram.
These new loosening of foreign currency controls are aimed at strengthening the Libyan dinar on the black-market foreign exchange and undercutting currency speculators. They are also part of the CBL’s wider economic reform efforts.
