The Central Bank of Libya announced that Sunday, May 3, has been set as the start date for selling U.S. dollars in cash to individuals. The decision follows an expanded meeting held Sunday morning by Governor Naji Issa with directors of major commercial banks.
According to a central bank statement, the timeline is intended to give banks sufficient time to complete logistical and technical preparations and ensure that booking levels reach targeted thresholds by next Wednesday. The plan aims to ease access to foreign currency for citizens in a smooth and efficient manner.
The meeting, attended by heads of relevant departments at the central bank, reviewed the mechanism for cash sales and the allocation of $1 billion in two phases. It was agreed to begin immediately distributing individuals’ allocations to banks through the Issuance Department starting Monday, based on sequential booking priority. An initial $500 million tranche has been allocated, to be followed by additional shipments depending on actual recorded demand.
Participants also discussed improving the electronic booking system and simplifying its procedures to ensure ease of use and boost demand for personal allocations, alongside tightening the security plan to ensure the safe distribution of currency shipments across bank branches throughout Libya.
At the conclusion of the meeting, the Central Bank reaffirmed its commitment to providing foreign currency for all purposes with the highest standards of safety and transparency, praising the cooperation of commercial banks in implementing this plan as part of its policies to stabilize the national currency and meet citizens’ essential needs.
