CBL invites applicants who had previously obtained initial approval to establish FX bureaux to resubmit applications

October 18, 2024

The Central Bank of Libya (CBL) invited yesterday applicants who had previously obtained initial approval to establish foreign exchange bureaux to resubmit their applications by 31 December this year.

The CBL said these applications will be submitted to the (soon to be announced) Board of Directors for final approval. It added that new applications will be considered for acceptance in the future in accordance with the announced laws and procedures.

The CBL added that this call for re-application comes within the framework of its role in regulating the buying and selling of foreign currency through legal entities licensed to deal in foreign currency.

Such entities, it continued, operate under the supervision and control of the CBL, in accordance with the provisions of the law and the controls regulating their work, in a manner that ensures combating money laundering and financing of terrorism, and eliminating the phenomenon of distortion in the foreign exchange market and controlling its price and stability.

Background
It will be recalled that currently, and for decades, black / parallel market foreign exchange traders operate unlicenced and in broad daylight.

The move has been welcomed by businessmen and analysts as well overdue. It sends a positive signal about the new CBL Governor, Naji Issa, as a reformist move in contrast to his ‘‘conservative’’ predecessor Saddek El-Kaber, they add.

HoR votes unanimously to approve Naji Issa as new CBL Governor (libyaherald.com)

Agreement reached on appointment of CBL Governor, Deputy and Board (libyaherald.com)

Applications for opening documentary credits will start today: CBL (libyaherald.com)

Tripoli Libyan government responds to U.S. statement on CBL crisis – sees statement as positive (libyaherald.com)

U.S. calls for steps to maintain the credibility of the CBL (libyaherald.com)

Libya loses US$ 120 million, and counting, because of recent oil closures: NOC (libyaherald.com)

Newly installed CBL administration claims it has gained control of all its banking systems (libyaherald.com)

Presidency Council welcomes yesterday’s UN Security Council statement – will participate in national dialogue within broader framework (libyaherald.com)

UN Security Council calls for a consensus-based solution to the current Central Bank crisis (libyaherald.com)

New interim CBL Governor Abdel Fattah Abdel Ghaffar holds first press conference in CBL (libyaherald.com)

UNSMIL deeply concerned over the deteriorating situation in Libya resulting from unilateral decisions (libyaherald.com)

‘‘Takeover’’ by the Handover Committee of the CBL – new temporary Governor appointed (libyaherald.com)