The working team, composed of directors from the Central Bank of Libya and general managers of major commercial banks, met on Sunday, October 27th, 2024, in the presence of representatives from the Security Authority for Facilities and Installations. This meeting was held under the Governor’s and his Deputy’s directives and supervision to implement the Central Bank of Libya’s plan for providing cash liquidity.
The team will initiate the distribution of cash liquidity shipments through bank branches and ATMs. These liquidity shipments will be transported to bank branches by land and air according to a schedule distributed throughout the week to cover all bank branches across Libya. Starting Sunday, the 3rd of November, the bank branches will begin distributing liquidity in an organized manner. The Central Bank emphasizes that the continuous liquidity distribution of will continue over the coming months at an accelerated pace.

Amid the widespread rumors and statements attributed to the Central Bank of Libya, its Governor, and members of its Board of Directors, and in the interest of professionalism, objectivity, and the public good, the Central Bank of Libya emphasizes to all media outlets and citizens not to rely on any statements, information, or announcements attributed to the Bank or its administration unless they are published on the Bank’s official website and pages or issued by the Governor or Deputy Governor.

H.E. Naji Mohammed Issa, Governor of the Central Bank of Libya, held a meeting with Dr. Mohamed bin Suleiman Al Jasser, President of the Islamic Development Bank Group, along with several of his accompanying delegates, on Saturday, 26th of October, 2024, during the Annual Meetings of the International Monetary Fund and the World Bank, in Washington, D.C.

The discussion centered on strengthening cooperation between the Central Bank of Libya and the Islamic Development Bank Group. Furthermore, the role of the Islamic Development Bank in the reconstruction efforts in Libya was explored.

During the 2024 Annual Meetings of the International Monetary Fund and the World Bank H.E. Naji Mohammed Issa, Governor of the Central Bank of Libya, along with his delegation, met on Friday, 25th of October, 2024, in Washington, D.C. With experts from the IMF Mission. The Governor outlined the Central Bank’s immediate goals, which focus on bolstering the Libyan Dinar, managing the foreign exchange market, providing liquidity, and expanding the scope of electronic payment systems. Additionally, there was a consensus to continue with Article IV consultations to evaluate Libya’s economic situation, enhance the accuracy of data and key macroeconomic indicators, and assess the governance practices in the Libyan banking sector.

During the 2024 Annual Meetings of the International Monetary Fund and the World Bank H.E. Naji Mohammed Issa, Governor of the Central Bank of Libya, along with his delegation, met on Friday, 25th of October, 2024, in Washington, D.C. With experts from the IMF Mission. The Governor outlined the Central Bank’s immediate goals, which focus on bolstering the Libyan Dinar, managing the foreign exchange market, providing liquidity, and expanding the scope of electronic payment systems. Additionally, there was a consensus to continue with Article IV consultations to evaluate Libya’s economic situation, enhance the accuracy of data and key macroeconomic indicators, and assess the governance practices in the Libyan banking sector

H.E. Naji Mohammed Issa, Governor of the Central Bank of Libya, participated on Wednesday, 23rd of October, 2024, alongside Dr. Khaled Al-Mabrouk Abdullah, the Minister of Finance in the Government of National Unity. The meeting was attended by Kristalina Georgieva, the Managing Director of the International Monetary Fund, and Jihad Azour, Director of the Middle East and Central Asia Department at the IMF. They convened for a meeting of Central Bank Governors and Finance Ministers from the Middle East and Central Asia, held under the auspices of the World Bank and the IMF. The discussions focused on several shared issues as part of the 2024 Annual Meetings in Washington, D.C.

As part of his participation in the annual meetings, H.E. Naji Mohammed Issa, Governor of the Central Bank of Libya, along with his delegation, began his first meetings, in Washington, D.C. on Tuesday, 22nd of October، 2024. The Governor participated in the African Governors’ Meeting at the International Monetary Fund (IMF) with IMF Managing Director Kristalina Georgieva, alongside African central bank governors. Additionally, he held bilateral discussions with Mr. Kenji Okamura, Deputy Managing Director of the IMF, Mr. Jihad Azour, Director of the Middle East and Central Asia Department at the IMF, and Mr. Mehmet Şimşek, Turkish Minister of Finance, together with their respective teams. During these meetings, the Governor was congratulated on his recent appointment as Governor of the Central Bank of Libya, along with the appointment of the Deputy Governor and the Board of Directors, with well-wishes for success in their new positions. In response, the Governor provided an update on the current state of the Central Bank of Libya, including the appointments of the Governor, Deputy Governor, and the Board of Directors. He also shared his vision for the next phase, detailing the main priorities and pressing issues he intends to tackle in the short term, such as liquidity management, exchange rate stability, regulating the foreign exchange market, and expanding electronic payment services. The Governor also stressed that the upcoming period requires a medium-term economic strategy that aligns all economic policies to ensure financial stability and sustainability.

The Central Bank of Libya expresses its appreciation for the welcoming statement issued by the High Council of State. The Central Bank also acknowledges the Council’s commendable efforts in facilitating the resolution of the crisis, which culminated in the appointment of the new board of directors.

As part of the Central Bank of Libya’s role in regulating foreign exchange transactions through legal and licensed entities dealing in foreign currency, these entities must operate under the supervision and control of the Central Bank of Libya, in accordance with the law and the regulations governing their activities. This is to ensure the fight against money laundering and terrorist financing, eliminate distortions in the foreign exchange market, and control its price and stability.
Based on the provisions of the Central Bank of Libya’s Board of Directors Decision No. (16) 2010, regarding the regulations governing exchange business and its amendments.
The Central Bank of Libya announces to those who have previously obtained preliminary approval for the establishment of companies and offices to conduct exchange activities, in accordance with the decision of the Central Bank of Libya’s Board of Directors No. (27) 2013, to fill out the forms announced on the Central Bank of Libya’s website, after downloading them and submitting them along with all the necessary documents related to the establishment of companies and exchange offices with valid licenses, to the Non-Banking Financial Institutions Division at the Banking and Monetary Supervision Department, starting from 03/11/2024 until the end of December 2024, in order to presented before the Board of Directors for final approval. Future applications will be considered according to the regulations and procedures announced

H.E. Naji Mohammed Issa, Governor of the Central Bank of Libya, his deputy, Mr. Maree Al-Barasi, met with the GMs of major banks operating in Libya, including relevant directors of the Central Bank’s departments.On Thursday, 17th of Octobe ,2024.The meeting focused on addressing several key issues, including the ongoing liquidity shortage, enhancing electronic payment services, updating banking systems, organizing the foreign currency market, and reactivating exchange offices.

During the discussions, the Central Bank presented a detailed plan to ensure the availability of cash in the coming weeks. As part of this initiative, the Central Bank will inject 15 billion LYD into the banking sector over the next few months. The actual distribution of cash to bank branches is set to begin on Sunday, 3th of November , 2024, with funds accessible to the public through ATMs and over-the-counter withdrawals.

One of the main points of discussion was the need to expand electronic payment services as a solution to the cash shortage. To achieve this, the Central Bank will increase the issuance of bank cards to customers, and banks were instructed to expedite the distribution of these cards to ensure wider access to electronic payment options in the near future.

The meeting also addressed the regulation of the foreign exchange market, where the Central Bank announced the introduction of a licensing process for exchange companies. This regulatory measure aims to bring greater oversight and transparency to foreign currency transactions. Applications for these licenses will be accepted starting from mid-November 2024.

In addition, there was an emphasis on the importance of accelerating remittance services for both citizens and foreign workers. The Central Bank stressed that these services must comply with current laws and regulations to facilitate smoother foreign currency transactions and ensure the proper functioning of the remittance system.

This meeting reflects the Central Bank’s commitment to stabilizing the financial sector by addressing liquidity challenges, enhancing banking services, and ensuring proper management of foreign exchange and remittance services in Libya.

H.E Mr. Saddek Omar ElKaber, Governor of the Central Bank of Libya, and Mr. Maree Al-Barasi, Deputy Governor, announced the launching of LYPay service today, on Thursday, 1st of August, 2024.

This leading instant payment service allows immediate money transfers between individuals and purchases from merchants using QR Code technology, with the amount reaching the merchant’s (or recipient’s) account instantly.

To emphasize the importance of making financial services accessible to all segments of society and encouraging digital transformation, the Central Bank of Libya has decided that the LYPay service will be free of charge until the end of 2024.

The service will have a daily transfer limit of 500 LYD and a daily purchase limit of 1500 LYD. These limits are for the trial period to ensure the service’s safety and effectiveness, and they will be gradually increased.

During the first week of the launching, the service will be available to 10,000 individual subscribers, with the number gradually increasing after ensuring the service’s safety. Merchants can join the service without any limit on the number, providing wide opportunities to enhance their business and facilitate their financial transactions.

At this stage, the service is available through the following banks: (Jumhouria Bank, Wahda Bank, National Commercial Bank, and North Africa Bank).

Launching of Instant Payment Service Starting today, Thursday, 1st of August 2024, the four commercial banks (Jumhouria, Wahda, National Commercial, and North Africa) will launch an instant payment service for individuals and merchants. This is the first phase after the trial period, with a limited number of users initially, gradually increasing over time.
Additionally, the competition will be open for the private sector companies in providing commercial services, while the company “Moamalat” will be restructured to focus on operating key systems such as the national switch, instant payment, open banking, and instant transfers, in collaboration with the global consultant (Oliver Wyman).
This decision was made during a meeting on 29th of July 2024, between H.E Mr. Saddek Omar ElKaber, Governor of the Central Bank of Libya,and Mr. Maree Al-Barasi, Deputy Governor and the relevant departments of the Central Bank of Libya. The meeting also included the General Managers of Jumhouria Bank, National Commercial Bank, Wahda Bank, North Africa Bank, Sahara Bank, and the Libyan Foreign Bank, besides the Foreign Investment Company and the board and General Manager of Moamalat Company.