After years of unregulated foreign currency exchange in mostly black markets, Libya is now moving in, to stamp total control on forex business.
The Governor of the Central Bank of Libya (CBL) Naji Issa, has held a series of meetings with licensed currency exchange dealers in Tripoli.
The sessions were essentially held to discuss new measures aimed at regulating the foreign exchange market and combating money laundering in the North African country.
As part of the business reforms, the Central Bank of Libya (CBL) has now officially authorized a total of 265 currency exchange offices or Forex Exchange Bureaus across the country.
These designated Forex offices will now be the only legal entities allowed by the Tripoli Government to buy and sell foreign currencies at specified exchange rates set by the Libyan Central Bank.
This move marks a significant shift from the previous system, where unregulated individuals could freely open exchange businesses and conduct currency trades in the open market without regulations and setting mixed rates causing confusion in the sector.
But now under the new regulations the Forex Trade is expected to bring greater transparency and accountability to the market, limiting illicit financial activity and enhancing control over foreign currency flows.
Central Bank Governor Naji Issa emphasized the importance of compliance with financial regulations and warned against unauthorized currency trading, which, as far as he is concerned, has contributed to economy instability affecting the Libyan Financial Sector
In another development, the Eastern Libyan House of Representatives Speaker, Aguila Saleh has called upon members of the assembly to converge at the Parliamentary Headquarters in Benghazi for setting agenda towards the proposed State Budget sessions for the fiscal year 2025-2026.