Central Bank of Libya source to Libya Herald: Direct transfers will effectively end the black market’s monopoly on foreign currency
A well-placed source at the Central Bank of Libya (CBL) confirmed to Libya Herald that the bank officially launched its direct foreign currency transfer service today through its official system. This service aims to meet the needs of small traders, companies, suppliers, and artisans, enabling them to easily and transparently obtain foreign currency at the official rate and putting an end to the black market’s dominance over external financing operations.
The source explained that direct international foreign currency transfers will be available up to $100,000, according to instructions issued under Circular No. 14 of 2026. The source noted that the booking and approval process will follow the same procedures currently in place for letters of credit through the Central Bank’s FCMS booking platform.
The source added that the required documents will be uploaded through a new section added to the LCR cover request system called “Direct Transfers,” as part of efforts to streamline procedures and expedite approvals and financing.
The source praised this step, considering it to be an “important qualitative leap” in regulating the foreign exchange market, enhancing confidence in the banking sector, supporting small and medium-sized business owners, in addition to tightening the noose on illegal speculation and reducing the drain on the national economy of the parallel market.
