The Head of Presidential Council, Fayez Al-Sirraj, Head of High Council of State, Khalid Al-Mishri, and Governor of the Central Bank of Libya (CBL), Al-Siddiq Al-Kabeer, signed and approved the economic reforms' package on Wednesday.

The trio endorsed slapping fees on purchases of foreign currency in the Libyan banks, saying Al-Sirraj and Al-Kabeer will later decide the rates of the fees.

"The commercial banks in Libya will collect the fees of the purchase transactions and will deposit them into a special account to help pay off the public debt and other commitment." The reforms say.

The fees will be inapplicable to the families' dollar allocations at the banks, according to the approved reforms, which add that the fees will be applicable, however; to the money transfers of the foreign workforce starting from the date of passing the reforms (12/09/2018.)

The three officials also agreed to form a technical committee of the two bodies along with Finance and Planning Ministries to oversee the implementation of the economic reforms.

The reforms also include tapping customs fees on the goods imported by firms which obtained letters of credit before the approval of the reforms, asking the CBL to provide a list of the firms.

The Presidential Council and the Central Bank of Libya agreed on economic reforms that would end “deformed prices of fuel” and “foreign currency rates at the black market,” in the eighth meeting for the Libyan Economic Reform in Tunisia in the presence of the then US Chargé d'affaires and UNSMIL deputy head for political affairs Stephanie Williams.