The Central Bank of Libya has warned about the growing activity of unlicensed currency exchange offices in the parallel market. In a letter sent to the Prime Minister of the Government of National Unity, the Head of Internal Security, and the Municipal Guard, the bank highlighted a significant increase in the trading of foreign currencies and the Libyan dinar outside official channels.
The bank stressed that this varied activity includes the unregulated transfer of funds within and outside Libya, the financing of illegal activities, and violations of regulations governing commercial activity and the Anti-Money Laundering and Counter-Terrorism Financing Law. Moreover, it contributes to the renewed rise in foreign currency exchange rates.
The Central Bank called for taking the necessary legal measures against all unlicensed companies and offices, exposing those who violate the rules, and tightening controls on money transfers by verifying their sources and legitimacy in accordance with applicable laws.
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 role in managing the nation’s financial system and currency, though its operations have been significantly challenged and divided between rival administrations during periods of 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 sites include the well-preserved Roman ruins of Leptis Magna, a UNESCO World Heritage site.
Government of National Unity
The Government of National Unity (GNU) is a power-sharing arrangement, most notably formed in South Africa in 1994 following the end of apartheid, which brought together the African National Congress, the National Party, and other parties. Its primary historical purpose was to ensure a peaceful transition to majority rule and to foster national reconciliation during the presidency of Nelson Mandela.
