Tripoli: The Governor of the Central Bank of Libya, Naji Muhammad Issa, emphasized the urgent need for commercial banks to comply with the standards, policies, and procedures mandated by the Central Bank. This directive aims to protect Libya’s foreign exchange reserves, maintain the value of the Libyan dinar, and contribute to the nation’s financial and economic stability and sustainability.
According to Libyan News Agency, the meeting, which included directors of commercial banks and relevant Central Bank department heads, reviewed the progress of implementing policies related to foreign exchange sales regulation. The discussions focused on ensuring adherence to directives that aim to enhance banking infrastructure and electronic payment methods. Additionally, it addressed liquidity issues, particularly ensuring availability during the holy month of Ramadan.
The meeting also highlighted the importance of expanding electronic payment services to boost financial inclusion. This initiative is part of a broader digital transformation strategy intended to decrease dependence on cash and streamline financial transactions for citizens.
Bank managers presented their efforts to improve banking infrastructure, expressing commitment to plans that bolster service efficiency and digital service expansion. These include increasing electronic points of sale and issuing more bank cards.
The governor underscored the necessity of ongoing performance evaluations for banks and the importance of collaboration with relevant authorities to provide banking services that meet citizens’ needs and foster financial stability.
Instructions were issued to reduce bank card commission rates at points of sale to under 1% across all sectors. Additionally, an agreement was reached to enable citizens to withdraw cash from any bank using the cash advance feature at points of sale (PoS).