Governor of the Central Bank of Libya, H.E. Naji Mohammed Issa, held an expanded meeting on Thursday, 18 December 2024, with the participation of Deputy Governor Mr. Maree Al-Barasi  and in the presence of the relevant departments of the Bank, to discuss mechanisms for activating the operations of exchange companies and regulating their activities in line with applicable laws and instructions.

During the meeting, discussions focused on the operating framework and the funding of exchange companies’ foreign currency accounts, as well as the mechanisms for financing them. The meeting also addressed setting the date for the official launch of the companies’ operations in accordance with the approved regulatory controls. In addition, the meeting reviewed the mechanisms for coordination between exchange companies and commercial banks regarding account opening and the settlement of transactions between them, in a manner that ensures the smooth flow and integrity of financial operations.

The meeting further examined the activities and services to be provided by exchange companies, including cash sales, fast remittances, and SWIFT transfers (MT103), based on the strength of their accounts with banks, along with the supervisory mechanisms governing these activities to ensure compliance with approved financial and banking standards.

The discussions also covered mechanisms for linking the systems of exchange companies with the Central Bank of Libya’s systems to enable real-time monitoring of operations and activities, enhance transparency and compliance, and curb any unlawful practices.

At the conclusion of the meeting, the Governor and the Deputy Governor emphasized the importance of expediting the completion of technical and administrative requirements, in order to regulate the foreign exchange market and support financial and economic stability.