Central Bank Eases Forex Transfers

Following the anger expressed at a recent forum of the Libyan Businessmen Council in Tripoli, the Central Bank of Libya (CBL) has partially eased foreign currency transfer restrictions for Libyan companies importing certain goods.

Libya Herald reports that the CBL Governor’s decision No.1 of 2013 has allowed the transfer of foreign currency for the import of agricultural supplies and equipment, ITC equipment, computer supplies, medicines and medical supplies for commercial use by specialized companies.

Importing companies and their banks must adhere to the following conditions:

1. Application form (ARMN 3/2008) must be completed.
2. A Pro-Forma invoice showing prices, varieties and quantities must be attached.
3. It must be stamped/signed by the local importer.
4. The full equivalent dinar amount will be deducted direct from the importing company’s local account.
5. The importing company must have a valid trade licence relevant to the goods to be imported.
6. The importing company must have a valid statistics code card issued by the Customs Department.
7. A maximum of US$ 100,000 can be transferred at any one transfer or a maximum US$ 250,000 per annum.
8. For transfers above US$ 250,000 companies must open letters of credit.
9. The importing company must provide customs documentation as proof that goods had entered Libya.
10. The importing company upon transfer signs an understaking that the goods are destined to Libya.
11. The local banks must adhere to any instructions by the CBL or any other official organ barring any company from overseas transfers.

(Source: Libya Herald)