Libyan cleric urges citizens to embrace banking

Libya's Islamic cleric Sheikh Al-Sadok Ghariani has called on Libyan citizens to embrace banking and use cheques for transactions, amid reports that a huge chunk of the money in circulation in the country are outside the banking system.

Officials of the Central Bank of Libya (BCL) disclosed that more than 14 billion dinars (about US$10 billion) are in circulation outside the banking system.

BCL has also promised rewards to retailers and businessmen who embrace banking in their various transactions.

The cleric's statement also welcomed the decision of the BCL to lift restrictions on withdrawals that can be made on special accounts, saying it complies with the provisions of Islam.

On 30 May, CBL lifted the restriction on bank withdrawals imposed on Libyan citizens.

(Source: Afrique Jet)

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