Central Bank Offers $110mn to Exchange Firms for Personal Transactions, Targets $2bn in Monthly Currency Sales

The Central Bank of Libya has offered currency exchange companies $110 million for personal-purpose transactions, in what was described as an initial step, according to Sada Economic Newspaper.

The bank has also asked commercial banks to receive shipments of physical dollar currency to cover all outstanding reservations. It is proceeding with approvals for documentary credits, with the sale of their value set to begin after 1 September, and has earmarked $2 billion in total for credit approvals and currency sales during the month.