The Central Bank of Libya has announced that it is going to sell $400 (liable to increase) for each Libyan citizen with the official foreign currency rates ($1 = LYD 1.42) starting from Wednesday, February 01 and up to the end of 2017.
“Each family member will be allowed to buy $400 with the official exchange rates and the all of the dollars of the family members will be deposited in a separate bank account for each family’s bread owner (whether the father or the mother) from which they can withdraw the money by visa cards or via money transfers (or cash when the embargo placed on Libya in 2013 ends).” The CBL announced on Wednesday afternoon.
The family bread owner can buy the money using cash or using their money that was deposited in other bank accounts they own, the CBL added, stressing that if they did not cash out the dollars during 2017, they can keep them for as long as they please.
“We have the monetary coverage for this step, and we called on all commercial banks to start implementing the order starting from the date of issuing it.” The CBL indicated.
It also pointed out that the CBL will continue to allow money transfers for reasons of medical treatment and study worth $7500, separately from the new order.
“Our economy is fine and we won’t allow the black markets speculations to damage, we depend on the Libyan citizens’ awareness and cooperation to regain Libya’s stability.” The CBL concluded in its statement.