Central Bank moves to streamline foreign currency access for citizens

The Governor of the Central Bank of Libya, Naji Issa, has agreed a timetable with commercial banks to begin distributing US dollars in cash to citizens, in a move aimed at easing access to foreign currency across the country.

The decision was reached during a high-level meeting held on Sunday, 26 April, attended by senior executives from leading commercial banks, alongside department heads from the Central Bank. The talks focused on addressing difficulties faced by citizens in obtaining foreign currency for personal use.

Phased distribution plan

Officials confirmed the allocation of $1 billion for the programme, to be released in two phases. An initial $500 million tranche will be made available immediately, with further supplies to follow based on demand recorded through the official foreign currency booking system.

Commercial banks affirmed their readiness to implement the Central Bank’s instructions, including completing the necessary logistical and technical arrangements ahead of distribution.

Improvements to booking system

The meeting also reviewed the electronic reservation platform used by citizens to apply for foreign currency. Participants agreed to simplify procedures further to ensure ease of access and encourage greater use of the system.

Security measures in place

Authorities stressed the importance of strict security protocols for the transport and distribution of cash shipments. Enhanced measures will be implemented at bank headquarters and authorised branches designated as distribution points nationwide.

Key implementation dates

Under the agreed plan, commercial banks will begin receiving individual allocations from the Central Bank’s issuance department from Monday, 27 April, based on booking priority.

The distribution of US dollars in cash to citizens is scheduled to begin on Sunday, 3 May, allowing banks sufficient time to finalise preparations and process applications.

Ensuring stability and transparency

The Central Bank reiterated its commitment to providing foreign currency for legitimate purposes in a secure and transparent manner. It also praised the cooperation of commercial banks, describing the initiative as part of wider efforts to stabilise the national currency and respond to citizens’ needs.