As As part of ongoing efforts to monitor the implementation of digital transformation plans and to promote the expansion of electronic payment services, Mr. Naji Mohammed Issa, Governor of the Central Bank of Libya, held an expanded meeting at his office on Tuesday, March 31, 2026. The meeting was attended by a number of general managers of commercial banks, directors of relevant departments at the Central Bank, and the General Manager of Moamalat Financial Services Company.

During the meeting, several measures aimed at ensuring financial market stability and advancing the banking sector were discussed. Key focus areas included:

• Development of Electronic Payment Services: The steps taken to advance the digital transformation agenda were reviewed, with a focus on enhancing reliance on electronic payment systems to reduce the use of cash and modernize banking services provided to citizens. Banks were urged to meet the demand from businesses for Point of Sale (POS) terminals and to maintain sufficient inventory. Additionally, efforts are being accelerated to prepare for the launch of foreign currency account-to-account transfer services under the ONEPAY and LY PAY projects.
• Personal Transactions, Transfers, and Letters of Credit: The Governor announced the allocation of USD 2 billion starting from the following day to cover letters of credit, transfers, and personal purposes. He reaffirmed the Central Bank’s readiness to meet the market’s foreign currency needs in accordance with approved regulations. Commercial banks and relevant departments were also instructed to extend working hours to process all applications submitted through the systems.
• Liquidity Management: Mechanisms for managing liquidity within the banking sector were discussed, including the activation of the restricted deposit facility at the Central Bank to regulate the money supply and generate returns that enhance the efficiency of the banking sector.
• Regulation of Foreign Currency (Cash) Sales: A new mechanism for the sale of foreign currency in cash was discussed, along with a review of the regulatory framework governing this process to ensure transparency and discipline, and to mitigate any imbalances. This includes preparations to supply USD 1 billion in cash to support market demand.

At the end of the meeting, the Governor emphasized the importance of facilitating access for citizens and businesses to electronic banking services and maintaining close coordination between the Central Bank and commercial banks to implement these measures and address challenges facing the banking sector, thereby contributing to monetary stability and strengthening confidence in the Libyan banking system.