TRIPOLI (Libya): Libyan commercial banks on Sunday began distributing foreign currency allocations in cash to citizens, marking the first such move in about 13 years, reported Xinhua.
Under the new measure, citizens are allowed to receive up to US$2,000 in cash as part of their annual foreign currency allocation.
The move is part of a strategy of the Central Bank of Libya to regulate access to foreign currency and increase its availability through official banking channels, marking a significant shift in the country’s foreign exchange management policy.
The strategy allows citizens to receive their annual foreign currency allocations under the “personal purposes” programme. Unlike previous methods that relied on transfers or electronic cards, the funds are now disbursed in cash at bank counters.
The central bank said earlier that it will supply foreign currency to commercial banks, while assigning them full responsibility for transportation and security in accordance with financial and banking safety standards. – BERNAMA-XINHUA
