Libyan Banks Begin Distributing US Dollars in Cash Form

Tripoli (ANTARA) - Libyan commercial banks on Sunday (3/5) began distributing foreign currency allocations in cash to citizens, marking the first such step in about 13 years. Under this new measure, citizens are permitted to receive cash up to $2,000 USD ($1 USD = Rp17,368) as part of their annual foreign exchange allocation. The step is part of the Central Bank of Libya’s strategy, the country’s central bank, to regulate access to foreign exchange and increase its availability through official banking channels, signifying a significant change in the nation’s foreign exchange management policy. Through this strategy, citizens receive their annual foreign exchange allocations under the “personal purposes” programme. Unlike previous methods that relied on transfers or electronic cards, the funds are now disbursed in cash at bank counters. The Central Bank of Libya previously stated that it would supply foreign exchange to commercial banks, while handing over full responsibility for transportation and security to those commercial banks in accordance with applicable financial and banking security standards.