Libyan Central Bank Applies Unified Exchange Rate For Dinar

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On Sunday, the Central Bank of Libya (CBL) started implementing the unified exchange rate of 4.48 Libyan dinars being equivalent to one US Dollar. This new exchange rate was agreed on 16 December by the CBL’s Board of Director and sets the price of the Libyan dinar to 0.1555 of the IMF’s Special Drawing Rights (SDR).

The CBL confirmed that the new rate will be applied to all governmental, commercial, and personal purposes, provided that foreign exchange is sold for personal purposes by banks to adult citizens. The maximum transfer amount per person is $20,000.

In the case of studies abroad, the maximum allowed amount transferred will be $10,000. An invoice for the study costs issued by the educational institution is required and needs to be approved by the Libyan embassy. The transfer must be made directly to the educational institution’s account.

With regard to medical treatment abroad, the maximum transfer amount is $20,000 and it is required to submit an invoice for treatment costs within a period not exceeding 3 months from the issuance of the treatment documents. The transfer must be made directly from the patient’s own account or one of his first-degree relatives to the account of the hospital or treatment centre.