H.E Naji Mohammed Issa, Governor of the Central Bank of Libya, convened a series of consecutive meetings addressing the Central Bank's plan for resolving cash liquidity crisis on Sunday, 1st of December, 2024. During the meetings, the Governor directed the heads of relevant departments within the Central Bank, the liquidity team, and the general managers of banks experiencing cash shortages at their branches to manage this issue in line with the Board of Directors’ approved plan. The plan aims for a gradual and comprehensive resolution of the crisis starting in January 2025.

In this regard, the Central Bank has contracted to print 30 billion LYD to be injected into the banking sector, replacing the old banknotes, which will be withdrawn smoothly according to a pre-established timeline. Additionally, the Governor emphasized the importance of enhancing and modernizing the infrastructure of banks to support the expansion of electronic payment services in line with the prepared strategy.

The meetings also resulted in agreements to increase the limits of instant payment transactions for individuals and merchants, raising the ceiling to 20,000 LYD per individual transfer and 100,000 LYD per single purchase. Furthermore, a new service was launched to facilitate corporate transfers, with a limit of one million LYD per transaction.