The Central Bank of Libya (CBL) has announced the allocation of $2 billion to cover letters of credit, remittances, and personal foreign currency needs, starting Wednesday.
The move is aimed at easing pressure on the domestic market and improving access to foreign currency. In addition, the bank revealed plans to inject $1 billion in cash to further support demand and stabilize liquidity.
The decision was discussed during a meeting between Central Bank Governor Naji Issa and senior officials from commercial banks. Talks focused on introducing a new mechanism for selling foreign currency, alongside updated regulatory controls to enhance transparency, ensure compliance, and reduce imbalances in the market.
The Central Bank confirmed its readiness to meet demand through approved channels, stressing that measures are in place to maintain order and efficiency. The governor instructed commercial banks to extend working hours and accelerate the processing of applications submitted through digital systems to ensure timely service delivery.
The meeting also reviewed progress on digital transformation and the expansion of electronic payment services. Authorities emphasized the importance of reducing reliance on cash transactions and improving access to modern banking solutions. Banks were urged to increase the availability of point-of-sale devices and ensure adequate supply to meet growing demand from businesses.
In addition, preparations are underway to launch foreign currency transfer services between accounts through the ONEPAY and LY PAY platforms. The Central Bank highlighted the importance of simplifying procedures for both individuals and companies to access electronic banking services, while maintaining strong coordination with commercial banks to address operational challenges.
These measures form part of broader efforts to stabilize Libya’s financial system, improve liquidity management, and strengthen confidence in the banking sector.
