H.E. Naji Mohammed Issa Governor of the Central Bank of Libya , held meeting with managers of commercial banks, in the presence of several directors from Central Bank departments on Sunday, March 9th, 2024.

The meeting aimed to follow up on the implementation of the Central Bank’s policies regarding the regulation of foreign currency sales, ensuring compliance with directives designed to improve banking infrastructure, enhance electronic payment systems, and address liquidity challenges to ensure cash availability for all citizens, particularly during the Holy Month of Ramadan.

During the meeting, the Governor emphasized the necessity for banks to adhere to the standards, policies, and procedures established by the Central Bank to safeguard the country’s foreign currency reserves and maintain the value of the Libyan dinar. He underscored that these measures contribute to financial and economic stability and the country's financial sustainability. Additionally, the importance of promoting financial inclusion was highlighted, particularly through the expansion of electronic payment services as part of the digital transformation strategy, which aims to reduce reliance on cash and facilitate financial transactions for citizens.

The bank managers, in turn, reviewed the measures taken to enhance banking infrastructure, reaffirming their commitment to implementing plans that would improve the efficiency of banking services and expand digital banking offerings. This includes increasing the number of electronic Point-of-Sale (POS) terminals and further expanding the issuance of banking cards.

At the conclusion of the meeting, the Governor reiterated the importance of ongoing performance monitoring for banks and stressed the need for strong collaboration between financial institutions and relevant authorities to ensure the delivery of banking services that meet citizens’ needs and strengthen financial stability in the country. In this regard, he issued directives to reduce transaction fees on bank card payments at POS terminals to below 1% as a maximum across all sectors without exception. Additionally, an agreement was reached to allow citizens to withdraw cash from any bank using the pre-authorized cash advance feature via POS terminals.