Central Bank launches platform to modernise letters of credit

The Central Bank of Libya (CBL) has unveiled a new digital platform designed to streamline the registration process for companies seeking access to foreign currency.

The service, launched this week in a limited pilot phase, will become fully operational on 1 August, according to an official statement.

Accessible via fcms.cbl.gov.ly, the platform forms part of the CBL’s broader strategy to modernise the allocation of foreign currency and enhance the transparency and fairness of the letters of credit system.

To register, companies must first obtain a CBL Key — the bank’s official identification code — and ensure their accounts are linked to an active IBAN at a licensed financial institution. Only authorised representatives listed on a company’s bank account will be permitted to access and manage corporate profiles on the system.

The CBL emphasised that personal identification data, including national ID number, mobile phone, and passport details, must be validated through both the CBL Key database and the new Foreign Currency Management System (FCMS).

As part of its rollout efforts, the Bank announced it will release a step-by-step video guide to assist companies in navigating the new platform.

The initiative marks a significant step in the CBL’s ongoing push to digitise key financial services and reduce inefficiencies in foreign exchange allocation.