After implementing the new tax, the Central Bank calls on the commercial banks to activate credit cards

The Central Bank of Libya (CBL) called on the directors of commercial banks to activate all services related to purchasing foreign currency for the purpose of study and treatment abroad and issuing credit cards to companies and small businesses in accordance with the bank’s guidelines.

The CBL stated in a letter from the Monetary Manager that several complaints had been received about the banks not activating the aforementioned services.

On March 19, the Central Bank of Libya referred to the decree of the Speaker of the House of Representatives, Aguila Saleh, to impose a 27% tax on the selling price of foreign exchange to commercial banks.

In a letter addressed to commercial banks, the Central Bank requested facilitating procedures for dealing in foreign exchange, including opening documentary credits for all purposes and all goods and services.

The Central Bank alerted bank managers to the need for the customer to submit a declaration pledging his agreement to accept the price plus the prescribed tax.

Aguila Saleh had previously issued a decree to impose a fee on the official foreign exchange rate of 27% for all purposes, effective until the end of the current year 2024, after a proposal from the Governor of the Central Bank, Al-Siddiq Al-Kabir was submitted.

Aguila’s decree was rejected by some members of the House of Representatives and the Hgh Council of State, who stressed that this tax would harm the citizens’ income, warning also of its consequences on the Libyan economy.


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