The Central Bank Governor announced the allocation of $2 billion. This is for letters of credit, transfers, and personal use. He also discussed issuing $1 billion in cash.
The Governor of the Central Bank of Libya, Naji Mohamed Issa, held an extensive meeting. This meeting took place yesterday, Tuesday, at his office. It included several general managers of commercial banks. Directors of relevant departments at the Central Bank attended. The general manager of “Muamalat Financial Services Company” was also present. The purpose was to discuss measures. These measures aim to ensure financial market stability. They also aim to develop the banking sector.
Electronic Payment and Digital Transformation
The meeting reviewed several key areas. Foremost among them was developing electronic payment services. Steps taken to advance digital transformation were discussed. Enhancing reliance on electronic payment systems was also a focus. This aims to reduce the use of paper currency. It also updates banking services for citizens.
Attendees urged banks to meet requests. These were from business owners for Point of Sale (POS) machines. Banks should provide sufficient stock of these machines. Preparations for launching foreign currency transfers between accounts need acceleration. This applies to the “ONEPAY” and “LY PAY” projects.
Allocation of $2 Billion Starting Today
The meeting addressed personal purposes, transfers, and letters of credit. The Governor announced a $2 billion allocation. This covers letters of credit, transfers, and personal uses. The allocation takes effect from today, Wednesday. He affirmed the Central Bank’s readiness. It will meet market needs for foreign currency. This will be done according to approved controls.
The Governor also instructed commercial banks. He directed relevant departments at the Central Bank. They should increase working hours. This is to complete all requests submitted through the systems.
Liquidity Management and Monetary Mass Regulation
The meeting discussed liquidity management mechanisms. This applies to the banking system. It involves activating the restricted deposit tool at the Central Bank. The goal is to regulate the monetary mass. It also aims to generate returns. These returns will enhance the banking sector’s efficiency.
Preparation for Selling $1 Billion Cash
Attendees also discussed a new mechanism for selling foreign currency. They reviewed the controls governing this process. These controls ensure transparency and discipline. They also limit any imbalances. This is being done by preparing to sell $1 billion in cash. It aims to support market demand.
Emphasis on Facilitating Services and Enhancing Confidence
At the conclusion of the meeting, the Governor emphasized the importance of facilitating procedures. This allows citizens and companies to access electronic banking services. He stressed continued joint coordination. This is between the Central Bank and commercial banks. The coordination aims to implement these measures. It also seeks to resolve issues and challenges. These challenges face the banks. This will contribute to achieving monetary stability. It will also enhance confidence in the Libyan banking sector.