Libyan banks are to start using an electronic clearing system in the coming days, in a move that will facilitate the exchange of financial transactions between them.
Manual clearing of transactions is to stop by the end of the year, and banks failing to fully join the electronic clearing service will be penalised.
The electronic clearing should take 48 hours from the date of handing in checks to the clearing house. Bank staff can find more info on customers in "Know Your Costumer" booklet.
(Source: Libyan Investment)
