Tripoli: The Central Bank of Libya is taking significant steps to regulate and activate the operations of exchange companies. An expanded meeting, led by Governor Naji Issa and Deputy Governor Marai Al-Barasi, was convened to discuss the mechanisms required to bring these companies in line with existing laws and regulations.
According to Libyan News Agency, the meeting included participation from various relevant departments within the bank. Key discussions revolved around the operation and funding of exchange companies' accounts with foreign currency. Participants explored methods for financing these accounts and set a timeline for the companies' operational launch in accordance with approved regulations.
The meeting also addressed the need for cooperation and coordination between exchange companies and banks, focusing on account opening and transaction settlement to ensure a smooth and integrated financial operation. The activities of exchange companies, such as cash sales, money transfers, and SWIFT (103) transfers, were examined, with discussions on how to monitor these activities for compliance with financial and banking standards.
Additionally, discussions were held on linking the systems of exchange companies with the Central Bank of Libya's system. This aims to enable real-time monitoring of company operations and activities, thereby enhancing transparency, compliance, and preventing illegal practices.
Governor Issa and Deputy Governor Al-Barasi underscored the importance of swiftly completing the necessary technical and administrative requirements. These steps are expected to regulate the exchange market and support Libya's financial and economic stability.