Libya's Economy Ministry Suspends Ban on Imports Outside Banking Channels, Grants Traders Six-Month Grace Period

The Government of National Unity's Ministry of Economy has suspended a decision banning the import of goods outside banking channels, giving traders a six-month grace period to regularise their positions.

The grace period is conditional on traders registering with the relevant authorities and completing customs procedures in the normal way. Import value during the period is capped at about $100,000.

When the six months end, traders will be required to join the new banking system. This will allow them to buy remittances through banks and transfer funds abroad, bringing their operations within the formal banking sector.