Central Bank of Libya Launches Direct Foreign Currency Transfer Service

Mintesinot Niggusie

The Central Bank of Libya has activated a new foreign currency transfer mechanism that allows eligible users to access official-rate financing for international payments of up to 100,000 US dollars, according to local reports.

The rollout is being implemented through the bank’s official digital system under Circular No. 14 of 2026. The service is intended to serve small traders, companies, suppliers and artisans seeking access to foreign currency for external transactions.

The mechanism is integrated into existing foreign exchange procedures and will operate through the Central Bank’s FCMS booking platform. Applicants will follow the same general process currently used for letters of credit, including booking and approval steps within the established system.

A dedicated function labelled “Direct Transfers” has been added to the LCR cover request system. Users will submit and upload required documentation through this section, which forms part of efforts to simplify procedures and speed up approval and financing workflows.

According to the source, the service is designed to increase transparency in foreign currency allocation while improving access at official exchange rates. It is also expected to reduce reliance on informal currency channels and support more structured external payment flows.

The source described the initiative as an “important qualitative leap” in foreign exchange management, saying it strengthens confidence in the banking system and provides targeted support for small and medium-sized enterprises while tightening oversight of speculative activity in the parallel market.