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The Central Bank Governor authorizes banks, exchange companies, and exchange offices to begin taking the necessary measures to activate the mechanism for implementing rapid money transfers.

Pulbished on:

Tripoli, December 28, 2025 (LANA) – A meeting held today, Sunday, by the Banking and Monetary Control Department of the Central Bank of Libya with several general managers of commercial banks and directors of relevant departments at the Central Bank, focused on regulating and developing the operations of exchange companies and offices and enhancing coordination between them and the banking sector.

The meeting discussed mechanisms for regulating the operations of exchange companies and offices licensed by the Central Bank of Libya, in preparation for their commencement of business in accordance with approved regulations and instructions. It also addressed the mechanism for transactions between commercial banks and exchange companies and offices, particularly regarding the execution of rapid money transfers through the Western Union and MoneyGram systems.

The attendees reviewed the sources of foreign currency funding for the accounts of exchange companies and offices, in addition to studying the procedures required to allow these companies and offices to execute direct transfers through accounts opened for them at commercial banks, ensuring compliance with regulatory controls and standards for combating money laundering and the financing of terrorism.

The meeting also addressed the technological systems that exchange companies, commercial banks, and the Central Bank of Libya will adopt to implement the proposed operational mechanism, ensuring its integration and the integrity of its operational and oversight procedures.

This meeting comes as part of preparations for the meeting scheduled to be held with exchange companies and offices next week to finalize discussions on related regulatory and technical aspects.

In this context, the Governor of the Central Bank of Libya, Naji Issa, authorized banks, exchange companies, and offices to begin taking the necessary steps to activate the operational mechanism for implementing rapid money transfers through the MoneyGram and Western Union systems, in accordance with the regulations and instructions issued by the Central Bank.

...(LANA)...