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Tripoli-The Central Bank of Libya has announced that tourism companies and hotels can get letters of credit. The CBL Department for Banks and Monetary Supervision said it has already started transactions regarding opening letters of credit in favour of tourist companies and hotels. In a memo addressed to the Chairman of the General Tourism Board, the monetary regulatory body said it has issued circulation No ‘ARMN 8/2018 to commercial banks, which regulates use of foreign currency for the purpose of opening letters of credit with a ceiling of $3 million a year for services companies, and this includes hotels and tourism companies. However, the Chairman of the General Tourism Board has addressed the Department for Banks and Monetary Supervision asking them to treat GTB on bar with other commercial and industrial companies in accordance with the regulations set by the Central Bank of Libya.
Source: Libya News Agency