In accordance with the Central Bank of Libya’s strategic initiatives to promote financial inclusion and support the development of electronic payment services, the CBL announces the latest statistics for its instant payment services: “LYPay” and “OnePay,” which were launched earlier this year.

On this occasion, CBL is pleased to report that the total value of transactions processed through the OnePay service has reached one billion LYD within just two months of its launch.

The CBL reaffirms its commitment to progressively increasing transaction limits for transfers and purchases through its instant payment services.

Statistics for LayPay and OnePay from 01/08/2024 to 26/12/2024 are as follows:

LYPay Instant Payment Service:

• Number of individual subscribers: 1,278,783
• Number of merchant subscribers: 8,814
• Number of transactions (Purchases + Transfers): 102,059
• Transaction value (Purchases + Transfers): 285,783,701.142 LYD

OnePay Instant Payment Service:

• Total Point of Sale (POS) terminals: 43,744
• Beneficiary accounts: 196,122
• Active merchants: 29,317
• Transaction value: 1,010,811,808 LYD
• Number of transactions: 411,169
• Number of clients: 2,475,622

In a significant step towards enhancing transparency and raising awareness in the fight against AML-CFT, and related international standards, the Libyan Financial Information Unit has launched its new official website.

The website serves as a comprehensive platform, offering detailed information about the unit, its role in combating AML-CFT, and highlighting the work of the National Committee for Combating AML-CFT, relevant national entities, and Libya’s international partners. It also showcases the state’s efforts to enhance its compliance with the international standards set by the Financial Action Task Force (FATF).

Additionally, the website provides a clear, practical guide for reporting suspicious operations and transactions, step by step, to facilitate collaboration with financial institutions, citizens, and other relevant entities.

The launching of this website reflects Libya’s commitment to continuously improving its mechanisms for combating financial crimes, protecting whistleblowers, and fostering cooperation at both the national and international levels.

To visit the Libyan Financial Information Unit’s website, please click the following link: https://fiu.gov.ly

The preparatory meetings for the 2025 Article IV consultations with the International Monetary Fund were concluded on Friday, 6th of December 6, 2024. The consultations are scheduled to take place in April 2025. The meetings were attended by H.E. Naji Mohammed Issa, Governor of the Central Bank of Libya his deputy, and several members from Central Bank’s Board of Directors, alongside the IMF team of experts. Also participating were technical teams from CBL, the Ministry of Economy and Trade, the Ministry of Finance, the Ministry of Planning, the National Oil Corporation, the Audit Bureau, and the Bureau of Statistics and Census, in addition to representatives from the private sector and civil society organizations.

The discussions reviewed Libya’s overall economic and financial situation and summarized deliberations among Libyan institutions aimed at coordinating efforts to achieve genuine alignment between monetary, fiscal, and trade policies. The IMF delegation commended the CBL for its efforts in developing the banking sector, implementing tangible governance reforms, improving service quality, and advancing electronic payment systems.

The Central Bank of Libya continued organizing preparatory meetings for the Article IV consultations with the IMF’s team of experts for the fourth consecutive day on Thursday, 5th, of December 2024. The discussions included representatives from the Ministry of Economy and Trade, the Ministry of Finance, the Ministry of Planning, the Bureau of Statistics and Census, the National Oil Corporation, and the Audit Bureau. In attendance of the Chairman of Libyan Businessmen Council, representing the private sector, and the President of the Libyan Businesswomen Organization, representing civil society institutions.

The discussions focused on methodologies and mechanisms for collecting real sector data, preparing national accounts, and reviewing GDP data. Additionally, the participants explored possibilities for supporting the private sector, enhancing the operations of civil society institutions, and addressing capacity-building and technical support initiatives.

H.E. Naji Mohammed Issa, Governor of the Central Bank of Libya Meets with Mr. Clive Vacher, CEO of De La Rue, a leading British company specializing in banknote printing, and Mr. Michael Wilson, the company’s Regional Director to folow up the implementation of new currency printing contracts on Wednesday, December 4, 2024 the meeting was also attended by the Currency Printing and Minting Committee of the Central Bank.

The discussions focused on the progress of the contractual appendices related to the printing of various denominations of Libyan currency, valued at 30 billion LYD. Additionally, the meeting addressed the delivery schedules of the different currency shipments.

The Governor emphasized the importance of the company adhering strictly to the agreed delivery timelines and ensuring that no delays occur، highlighting the need for seamless coordination between De La Rue and the Currency Printing and Minting Committee to ensure the successful execution of the printing contracts. These efforts align with the vision and strategic objectives of the Board of Directors of the Central Bank of Libya in this regard.

The Central Bank of Libya (CBL) continued its preparatory meetings for the 2025 Article IV consultations with the International Monetary Fund (IMF) expert mission for the third consecutive day, Wednesday, December 4, 2024, The discussions brought together representatives from key Libyan institutions, including the Ministry of Economy and Trade, the Ministry of Finance, the Ministry of Planning, the National Oil Corporation, and the Audit Bureau, to discuss the 2024 budget and the unified budget forecasts for 2025, development spending for 2024 and 2025, the medium-term financial framework, in addition to improving tax and customs collection tools, forecasting the macroeconomy and revenues, preparing the budget and customs reforms, the energy subsidy reform program, oil production rates, expected oil prices, corporate governance in the public sector, and the most important findings of the Audit Bureau reports.

As part of its ongoing efforts to diversify and expand electronic payment channels, H.E. Naji Mohammed Issa, Governor of the Central Bank of Libya (CBL), convened a strategic meeting with the General Manager of Moamalat Company and relevant CBL departments. The discussions centered on evaluating the progress of the e-commerce platform managed by Moamalat, identifying key challenges, and formulating strategies to enhance access for companies and citizens to its services.

The Governor emphasized the critical role of banks in activating payment cards on the e-commerce platform and simplifying procedures for merchants to engage in online sales. The Governor further highlighted the necessity of ensuring all transactions adhere to the highest standards of information security and safety, thereby fostering trust and confidence in Libya’s digital payment ecosystem.

Following this meeting, the Banking and Monetary Supervision Department issued Circular No. (21) 2024, detailing directives to operationalize these initiatives. The circular mandates banks to implement the outlined measures while ensuring their effective application under close supervision.