Tripoli: The Central Bank of Libya has announced that commercial banks are prepared to start selling US dollars to citizens beginning next Sunday. The initiative comes as the bank has confirmed the transfer of approximately $500 million to the banks, surpassing the current reservations registered through the system, which stand at around $300 million ready for disbursement.
According to Libyan News Agency, the bank has outlined that reservations and their corresponding foreign currency allocations will proceed regularly and consistently. This move is part of a broader plan aimed at reducing pressure on demand in the local market and ensuring a smooth distribution of foreign currency to citizens and merchants.
Furthermore, the Central Bank has confirmed that its strategy for the upcoming week includes expanding the sale of foreign currency for personal use, along with the quick replenishment of bank cards. The bank also plans to sell $1 billion to commercial banks to cover previously approved letters of cred
it and remittances.
In addition, the bank is working to expedite the issuance of new approvals for letters of credit and remittances worth up to an additional $1 billion. This effort aims to support imports, ensure the availability of essential goods, and promote market stability.
The bank emphasized that priority in the coming period will be given to loans for livestock, live animals, and sacrificial animals, aligning with the approach of Eid al-Adha. It noted a current decline in the prices of some goods, with expectations for a further significant decrease by the end of May.
In a related development, the bank announced that before the end of May, citizens will be able to obtain euros and British pounds in cash for personal use, in addition to US dollars. This initiative is part of efforts to diversify foreign exchange options and meet the needs of the market and citizens.