Libya's Central Bank Injects $300 Million, Eases Trade Restrictions Amid Dollar Strength

The Central Bank of Libya (CBL) has taken decisive action to stabilize the foreign exchange market and support local businesses. Following a meeting with major Libyan banks, the CBL announced a significant injection of $300 million into the card system and a commitment to accelerate the sale of US dollars. This move is a direct response to the recent strengthening of the dollar on the black market, which has defied expectations.

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The meeting with local banks is seen as a reaction to this strengthening of the US dollar.

Furthermore, the CBL is empowering small traders by authorizing direct international transfers of up to $100,000 every three months. This initiative is designed to streamline imports and boost economic activity. The bank also pledged to expedite the opening of Letters of Credit and resolve bottlenecks in banking processes, particularly at key institutions like Aman Bank and Commercial Bank.

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to inject $300 million into the card system today and to continue the cash sale of dollars, which will proceed at a faster pace today.

These policy measures underscore the CBL's dedication, in coordination with the government, to fortify the Libyan dinar. The ultimate goals are clear: to curb inflation, lower the cost of essential goods, and ultimately enhance the quality of life for all Libyan citizens. This proactive approach demonstrates a commitment to economic resilience and prosperity.

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to grant banks the authority to make direct transfers to small traders, up to $100,000 every three months, to all countries worldwide, to facilitate imports, effective tomorrow, Wednesday.