The Central Bank of Libya (CBL) has extended the deadline for the circulation and acceptance of the first and second editions of its 50-dinar banknotes, a move that could ease concerns among Libyan citizens and financial institutions amid ongoing economic challenges.
Originally slated for withdrawal by the end of August, the notes will now be accepted by banks until October 31, 2024. In a directive to commercial banks, the CBL also extended the window for transferring these notes to the central vaults until November 14, 2024.
Commercial banks have been instructed to facilitate the deposit of 50-dinar notes from customers into their accounts. The Bank had previously announced the withdrawal of these notes from circulation, a process that commenced in mid-April and was initially intended to conclude at the end of August.
In parallel, the Central Bank has directed commercial banks to expedite the disbursement of August salaries for public sector employees, This directive comes as the Bank assured that funds allocated for salaries are are securely backed by the Ministry of Finance.
The CBL also emphasized its commitment to covering the designated amounts for each sector and urged bank managers to take the necessary steps accordingly.
