CBL introduces stricter controls on foreign currency deposits
The Central Bank of Libya (CBL) has introduced new regulations governing foreign currency cash deposits in bank accounts, in a move aimed at strengthening oversight, ensuring compliance with anti–money laundering laws, and curbing the financing of terrorism.
Under the updated guidelines, issued to all banks across the country, both individuals and legal entities are permitted to deposit up to USD 10,000 — or the equivalent in other foreign currencies — without the need to provide proof of the source of funds. However, deposits exceeding this threshold will require a currency disclosure declaration issued by Libyan border authorities as a mandatory condition before the funds can be accepted.
The CBL circular also clarifies that legitimate sources and uses for foreign currency accounts include incoming transfers from abroad, transfers between local foreign currency accounts, cash withdrawals, and domestic or international transfers upon the account holder's request.
According to the CBL, the move is part of broader efforts to tighten financial controls, improve transparency, and align Libya's banking system with international compliance standards. For everyday account holders, the measures are expected to simplify small and routine deposits while applying stricter scrutiny to larger transactions that could be linked to illicit activities. The views expressed in Op-Ed pieces are those of the author and do not purport to reflect the opinions or views of Libyan Express.
How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to oped@libyanexpress.com. Please include 'Op-Ed' in the subject line.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Libyan Express
4 hours ago
- Libyan Express
High-level talks raise prospect of direct flights from Libya to Europe
BY Libyan Express Aug 12, 2025 - 09:50 Tripoli–London dialogue paves way for lifting Libya flight restrictions Libya is moving a step closer to restoring key international links, following high-level talks between senior officials from Tripoli and London this week. Abubaker Al-Taweel, Director of European Affairs at Libya's Ministry of Foreign Affairs, welcomed Owen Jenkins, Director-General for the Indo-Pacific and the Middle East and North Africa at the British Foreign Office, for discussions aimed at strengthening cooperation and improving services for Libyans at home and abroad. A central focus was the reopening of the British consulate in Tripoli—an initiative that would allow Libyan citizens to apply for U.K. visas directly in the capital. Officials also reviewed efforts to lift the European ban on Libyan civil aviation, which would restore the country's ability to operate international flights and bolster economic and cultural exchange. The meeting built on last month's visit by Hamish Falconer, the U.K.'s Minister of State for the Middle East, where both governments reached new understandings to expand political, economic, and security cooperation. If implemented, these measures could deliver tangible benefits for Libya—making travel easier, boosting business opportunities, and reinforcing the country's role as a connected and engaged player in the region. The views expressed in Op-Ed pieces are those of the author and do not purport to reflect the opinions or views of Libyan Express. How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to oped@ Please include 'Op-Ed' in the subject line.
Libyan Express
a day ago
- Libyan Express
CBL introduces stricter controls on foreign currency deposits
BY Libyan Express Aug 11, 2025 - 03:49 Everyday transactions meet new compliance standards set by the CBL The Central Bank of Libya (CBL) has introduced new regulations governing foreign currency cash deposits in bank accounts, in a move aimed at strengthening oversight, ensuring compliance with anti–money laundering laws, and curbing the financing of terrorism. Under the updated guidelines, issued to all banks across the country, both individuals and legal entities are permitted to deposit up to USD 10,000 — or the equivalent in other foreign currencies — without the need to provide proof of the source of funds. However, deposits exceeding this threshold will require a currency disclosure declaration issued by Libyan border authorities as a mandatory condition before the funds can be accepted. The CBL circular also clarifies that legitimate sources and uses for foreign currency accounts include incoming transfers from abroad, transfers between local foreign currency accounts, cash withdrawals, and domestic or international transfers upon the account holder's request. According to the CBL, the move is part of broader efforts to tighten financial controls, improve transparency, and align Libya's banking system with international compliance standards. For everyday account holders, the measures are expected to simplify small and routine deposits while applying stricter scrutiny to larger transactions that could be linked to illicit activities. The views expressed in Op-Ed pieces are those of the author and do not purport to reflect the opinions or views of Libyan Express. How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to oped@ Please include 'Op-Ed' in the subject line.
Libyan Express
4 days ago
- Libyan Express
Sirte Oil hits highest production in 20 years
BY Libyan Express Aug 08, 2025 - 07:24 Oil output surges at Sirte as company outlines ambitious growth plan Sirte Oil Company has raised its daily crude oil production to 110,000 barrels — its highest level in more than two decades — as the Libyan energy sector continues to push forward with post-conflict recovery and development. Company Chairman Mustafa Hammad described the 2024–2025 period as a 'year of transformation and achievement,' noting that production rose from 102,000 barrels per day at the beginning of the fiscal year to 110,000 barrels by the end of July 2025. Hammad made the announcement during the company's annual technical meeting for production and reserves, held at its Marsa el Brega headquarters. The meeting brought together engineers, planners, and senior officials to evaluate operational performance and assess progress across key projects. Looking ahead, Hammad said the company is aiming for a production target of 126,000 barrels per day by the end of December 2025 — contingent on the timely approval of budget allocations needed to complete critical drilling, maintenance, and development projects. In his remarks, Hammad emphasized technical advancements made over the past year, including the launch of new production fields, reservoir development across multiple zones, and the successful drilling of horizontal wells using modern technology. He also highlighted infrastructure improvements, such as the installation of electric submersible pumps to boost well output and the securing of energy sources to stabilize field operations. Sirte Oil's performance comes at a critical time for Libya's oil sector, which remains the backbone of the national economy. While the country continues to face political and logistical challenges, companies like Sirte are signaling a return to operational stability and long-term investment planning. The views expressed in Op-Ed pieces are those of the author and do not purport to reflect the opinions or views of Libyan Express. How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to oped@ Please include 'Op-Ed' in the subject line.
