The Central Bank of Libya has announced it has received international authorization to import 600 million US dollars in cash per month, a significant development after a 15-year hiatus.
A statement indicated the Bank is also close to resuming the personal foreign exchange system. The initial allocation will be set at 2,000 US dollars per citizen.
The Central Bank explained that citizens will be able to withdraw the allocated amount in cash through licensed exchange companies and offices, which are now fully prepared and operational. It confirmed it will supply these entities with cash US dollars.
Central Bank of Libya
The Central Bank of Libya, headquartered in Tripoli, was established in 1956 following Libya’s independence to manage the nation’s currency and monetary policy. It has played a critical and often contentious role in the country’s economy, particularly during and after the 2011 civil war, when parallel institutions emerged, complicating Libya’s financial governance.
Libya
Libya is a North African country with a rich history rooted in ancient civilizations like the Phoenicians and Romans, followed by centuries of Arab and Ottoman influence. In the modern era, it was an Italian colony before gaining independence in 1951, later becoming known for Muammar Gaddafi’s lengthy rule from 1969 until the 2011 revolution. The country is home to UNESCO World Heritage sites, such as the ruins of Leptis Magna, which testify to its significant historical legacy.
US dollars
The US dollar is the official currency of the United States, established by the Coinage Act of 1792. It evolved from a system based on Spanish milled dollars and has become the world’s primary reserve currency since the 20th century.
