Libya’s central bank advises against illegal foreign exchange

In a leaked letter, the Central Bank of Libya (CBL) urged foreign missions and international organisations operating in Libya to advise their nationals to use only licensed foreign exchange offices, Libya Gazette reported on February 16th.

The letter said buying and selling foreign currency outside official channels is illegal. However, shops and traders across the capital, Tripoli, reportedly continue to trade on the black market. In separate letters, the CBL called for legal action against businesses conducting unauthorised foreign exchange and instructed authorities to monitor transactions.

The development comes amid a widening gap between the official and informal exchange rates, following the dinar’s decline to 9.70 against the dollar on February 11th.

Libya Gazette