Copy LinkThe Central Bank of Libya (CBL) has today announced a reduction in foreign exchange tax to 15% for all transactions, following a directive from the House of Representatives (HoR). The new policy establishes a 15% fee on all foreign currency transactions at the official exchange rate, whilst maintaining existing exemptions approved by the HoR Speaker. “Banks are instructed to implement this decision immediately and facilitate documentary credit procedures for all purposes,” the CBL statement read. This move represents the latest endeavour by Libyan authorities to manage foreign exchange policy and stimulate economic activity. The decision modifies the existing foreign exchange fee structure and aims to streamline international trade procedures through the banking system.

Source: Libya Today November 21, 2024 01:23 UTC