The Central Bank stresses the need for banks to adhere to standards to ensure the protection of foreign exchange reserves

Tripoli, March 9, 2025 (LANA) - The Governor of the Central Bank of Libya, "Naji Muhammad Issa", stressed during his meeting today, Sunday, with the directors of commercial banks, in the presence of a number of directors of the relevant departments of the Central Bank, the need for banks to adhere to the standards, policies and procedures approved by the Central Bank to ensure the protection of the state's foreign exchange reserves, and in a way that preserves the value of the Libyan dinar. And contributes to achieving financial and economic stability and financial sustainability for the state.

According to the Central Bank of Libya, the meeting followed up on the progress of implementing the Central Bank's policies regarding regulating the sale of foreign exchange, ensuring compliance with instructions aimed at improving the banking infrastructure, enhancing electronic payment methods, in addition to addressing liquidity problems and ensuring their availability to all citizens, especially during the holy month of Ramadan.

The importance of enhancing financial inclusion was also emphasized by expanding electronic payment services, as part of the digital transformation plan that aims to reduce reliance on paper money and facilitate financial transactions for citizens.

During the meeting, the bank managers reviewed the measures taken to improve the banking infrastructure, stressing their commitment to implementing plans that would enhance the efficiency of banking services, expand the scope of digital services, including increasing electronic points of sale and increasing the expansion of issuing bank cards.

At the end of the meeting, the governor stressed the continuation of periodic follow-up of the performance of banks, stressing the importance of joint cooperation between banks and the competent authorities to ensure the provision of banking services that meet the needs of citizens and enhance financial stability in the country.

The governor issued his instructions to reduce the value of commissions imposed on the use of bank cards at points of sale to less than 1% as a maximum for all sectors without exception.

It was also agreed to open the field of cash withdrawal for citizens from any bank through the cash advance feature at points of sale (PoS).