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.