Tripoli – The Central Bank of Libya has authorized commercial banks to execute foreign currency transfers for individuals for the purposes of medical treatment and study abroad. It has set an annual ceiling of $20,000 for treatment and $7,500 per year for students studying overseas, according to new financial instructions issued by the bank.
This measure comes within the framework of regulating external transfers and enhancing transparency in the foreign exchange market. This follows the bank’s directive on the necessity of controlling operations carried out through commercial banks, ensuring citizens can easily obtain transfers designated for humanitarian and educational purposes.
Tripoli
Tripoli is the capital and largest city of Libya, located on the country’s Mediterranean coast. Historically, it was founded by the Phoenicians in the 7th century BC and has since been ruled by the Romans, Arabs, Ottomans, and Italians, serving as a major port and cultural crossroads. Its historic center, the medina, features well-preserved architecture from these various eras.
Central Bank of Libya
The Central Bank of Libya is the primary monetary authority of Libya, established in 1956 following the country’s independence. It has played a critical and often contentious role in the nation’s economy, particularly in managing state finances and foreign reserves during periods of political division and conflict since 2011.
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. Its cultural heritage includes UNESCO World Heritage sites such as the ancient Greek city of Cyrene and the Roman ruins of Leptis Magna.
