The Central Bank of Libya announced through Circular No. (2) for the year 2024, issued by the Banking and Currency Control Management, the regulatory guidelines for foreign currency transactions concerning credits and personal purposes. These guidelines include a reduction in the maximum limit for selling foreign currency for personal purposes to $4,000, replacing the previous limit of $10,000.
According to the circular, the maximum amount sold to an individual through all operating banks in Libya is $4,000 or its equivalent in other currencies, with the possibility of reconsidering this limit later. The circular stipulates that the requester must manage a bank account with the bank through which the sale is conducted, covering the value of the currency at the time of the transaction. The account holder can use it to issue and load “Visa and MasterCard” cards or open accounts in foreign currency for citizens to deposit the currency and enable them to use it through cards or transfer it to another account.
The circular also allows individuals and legal entities to purchase foreign currency held in citizens’ accounts in foreign currency without a specific limit within the banking sector. However, this is subject to the condition that it is used for specified purposes or transferred through fast currency transfers such as “MoneyGram” or “Western Union” according to the agreed-upon commission with the two companies, without adding any additional fees.
