The Central Bank issues an amendment regarding controls on the sale of foreign exchange

The Central Bank of Libya issued new instructions to finance companies, business owners and craftsmen via electronic cards “VISA-MASTERCARD” to facilitate import operations and provide the necessary liquidity for their commercial operations.

The new instructions allow managers working in banks to issue and charge electronic cards to finance the import of supplies, equipment, industrial services and commercial purposes for companies, small traders and craftsmen.

The Central Bank’s instructions stipulate that the maximum limit for charging the card should be $500,000 annually and that it should only be used for purchases and payments through points of sale for industrial, service, and commercial purposes, and cannot be used in the local market.

According to the Central Bank’s statement, the applicant for issuing the card must obtain a valid banking code (CBLKEY), a license to practice the activity and be registered in the suppliers’ registry at the Ministry of Economy, in addition to submitting a declaration of his approval to examine the card and purchase operations.

The instructions require banks to renew customer data in the banking system according to the “Know Your Customer” form and to take into account any instructions issued by the Central Bank or any other relevant authorities.


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