Hundreds register for new CBL service

Libya’s central bank has launched a digital platform allowing companies to register for access to foreign currency, as part of efforts to bring greater oversight and transparency to the country’s foreign exchange system.

The Central Bank of Libya (CBL) said the platform entered a trial phase this week and is scheduled to become fully operational on August 1. During the test period, 689 companies were registered through 21 commercial banks, the bank said in a statement.

A total of 1,196 foreign currency requests were submitted during the pilot phase. Of these, 648 met the required compliance criteria, while 470 remain under review.

The CBL said it has verified the data of 1,593 companies, and successfully integrated 487 into the platform. Data entry efforts are ongoing, including work on Friday and Saturday, to complete the onboarding of remaining businesses and traders.

The platform is part of wider financial reforms aimed at regulating foreign currency access, limiting misuse, and preserving foreign reserves amid persistent challenges in Libya’s financial sector.

From 1 August, companies seeking to purchase foreign currency through official channels will be required to submit requests exclusively via the new system, the CBL said.