Sada Economic Newspaper has gotten an exclusive copy of the letter sent by the Deputy Minister of the Economy, Rajab Khalil, to the Central Bank of Libya (CBL) concerning the regulations after implementing the unified exchange rate.

The letter emphasized that the Ministry of Economy will start defining a trade policy, as well as following up and developing it, especially after implementing the unified exchange rate.

The letter also stressed that the Ministry of Economy will stand ready to respond to economic entities’ requests with regard to the external transfers via various payment methods approved by the Central Bank of Libya (CBL).

Nevertheless, the letter pointed out that the ministry should work on developing a policy that ensures the pricing and the control of goods regularly.

It is also worth mentioning that the CBL confirmed that the new rate will be applied to all governmental, commercial, and personal purposes, provided that foreign exchange is sold for personal purposes by banks to adult citizens. The maximum transfer amount per person is $20,000.

In the case of studies abroad, the maximum allowed amount transferred will be $10,000. An invoice for the study costs issued by the educational institution is required and needs to be approved by the Libyan embassy. The transfer must be made directly to the educational institution’s account.

With regard to medical treatment abroad, the maximum transfer amount is $20,000 and it is required to submit an invoice for treatment costs within a period not exceeding 3 months from the issuance of the treatment documents. The transfer must be made directly from the patient’s own account or one of his first-degree relatives to the account of the hospital or treatment centre.