The Director of the Banking and Currency Supervision Department at the Central Bank of Libya, Abdelmajid Al-Maqouri, issued a circular on Monday to the general managers of commercial banks, granting them the authority to accept transactions using “personal purposes” cards at local Points of Sale (POS) owned by Libyan banks.

The circular clarified that amounts will be deducted from both local and foreign cards, converted to Libyan dinars, and deposited into foreign currency accounts. These funds can then be used to issue Visa or MasterCard, send quick transfers via MoneyGram or Western Union, make direct international transfers, or open letters of credit in accordance with the regulations issued by the Central Bank.