Libya bans goods imported outside official banking channels from Sept. 30

Libya's Ministry of Economy and Trade has set Sept. 30 as the deadline for banning goods imported for trade outside official banking channels.

The ministry's decision 449/2026, issued by Minister Suhail Abu Shiha on Sept. 6, defines importing as bringing goods or merchandise into Libya for trade and resale, regardless of the transport method or entry point. It targets the use of hard currency and fraud involving foreign currency and letters of credit.

Commercial shipments will not be cleared through customs until importers meet the required banking, commercial and customs procedures. They must also submit documents verifying the shipment's actual value.

The decision creates an exception for sole traders, allowing them to import goods for trade within a specified annual limit. Individual business owners must hold valid business licenses, follow approved procedures and provide documentation confirming the value of their shipments.

The ministry also introduced transitional provisions for commercial shipments whose import procedures began before the decision takes effect. Competent authorities will oversee implementation and compliance with the rules governing import operations.