Latest news with #NajiIssa
Libya Review
20-05-2025
- Business
- Libya Review
Libya's Central Bank Restarts Dollar Sales & Credit Services
On Tuesday, the Central Bank of Libya (CBL) announced it will resume the sale of foreign currency to individuals and companies, starting Sunday, 25 May 2025. The sale of US dollars will take place through the Bank's official foreign currency booking platform. At the same time, the Central Bank confirmed that it will begin accepting new applications for letters of credit, mechanisms that facilitate international trade and imports, also starting on the same day. The Central Bank said it will hold a meeting with Libya's commercial banks to coordinate the rollout of a nationwide plan to improve cash liquidity and enhance digital payment services. The announcement was carried by the state-run Libyan News Agency and reflects a broader effort to restore confidence in the country's financial system. The move follows last month's devaluation of the Libyan dinar, in which the Bank adjusted the exchange rate by 13.3%. The dinar's value was revised from 0.1555 to 0.1349 Special Drawing Rights (SDRs), equivalent to 5.5677 dinars per U.S. dollar. The decision was part of a package of monetary reforms intended to reduce currency speculation and bring the parallel exchange rate closer to the official one. Central Bank Governor Naji Issa had previously stated that firm action was needed to rebalance the economy. He indicated that adjusting the exchange rate was essential to protect Libya's financial stability, promote fair access to currency, and support broader fiscal reform efforts. The resumption of dollar sales and credit facilities signals a return to more predictable financial operations. It also offers a lifeline to Libyan businesses struggling with import restrictions and currency shortages. At the same time, it may ease public pressure amid rising prices and growing frustration with economic uncertainty. With these measures, the Central Bank is taking cautious but deliberate steps to restore balance, improve transparency in currency flows, and strengthen the country's fragile economic recovery. Tags: Central BankDollarForeign Currencylibya
Libya Observer
06-05-2025
- Business
- Libya Observer
CBL holds E-Payment Forum in Tripoli
The Central Bank of Libya (CBL) will hold the first edition of the Electronic Payment Forum and Exhibition in Libya from May 20 to 22 in the capital, Tripoli. In a statement issued on Saturday, the CBL announced that the forum will take place at the Tripoli International Fairgrounds in cooperation with the General Authority for Exhibitions and Conferences, under the auspices of Central Bank Governor Naji Issa. The forum aims to promote financial inclusion in Libya by encouraging the expansion of electronic payment services and strengthening financial transaction controls in line with anti-money laundering and counter-terrorism financing standards. Economy Tagged: Central bank of Libya
