The Central Bank of Libya has authorized exchange companies and offices licensed by the bank to sell foreign currency with a 7% profit margin over the Central Bank's selling price to banks operating in Libya.
This came in a letter sent by the Director of the Banking and Monetary Control Department at the Central Bank to licensed exchange offices and companies.
The Central Bank warned that exchange companies will be subject to continuous and periodic monitoring through field inspections to assess their compliance with the Central Bank's instructions.
The Central Bank noted that it will take legal action and impose penalties stipulated by law, including revocation of the license granted to the violating company or office.
On February 27, 2024, and November 10, 2024, the Central Bank of Libya granted licenses to approximately 135 companies and exchange offices after their officials completed the legal procedures required to conduct their business.
