The Central Bank of Libya (CBL) has issued a statement on Sunday explaining the regulations of foreign currency transactions at the commercial banks.

The CBL said that dollar transfer transactions for all citizens can be made at the banks with the new fee-added rates via Western Union, MoneyGram or MasterCard and Visa cards.

"All citizens are entitled to buying 10.000 dollars a year via transfers or credit cards' deposits."

The statement explained that the money transfers for study will be the same as previous regulations while those for medical treatment will be maximum 50.000 dollars per year.

According to the CBL's statement, the family dollar allocations (now 1000 dollars a member) will be at the fee-free official rate and so will treatment and studying.

The Presidential Council (PC) issued a statement Wednesday imposing 183% fees on the foreign currency transactions at the banks.

Meanwhile, foreign currency has seen a modest drop in the black market over the continuous economic decisions with the US dollar reaching less than 5.40 per dollar.

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