Clyde and Co reports the publication of Resolution No. 1/2013, regarding the Central Bank of Libya based on Libya Law No. 46/2012 relating to the regulation of foreign currencies.

This new Resolution grants commercial banks the following authorities:

1. To process foreign transfers for public corporate parties.

2. To process foreign transfers related to the banks own activities and transactions.

3. To process foreign transfers for the purpose of financing the importation of Agricultural equipment, Information Technology or Medical equipment for commercial purposes.

4. To settle requests for foreign currency purchases and transfers, for personal use by individuals.

5. To settle requests for foreign currency purchases and transfers, submitted by private corporate personalities.

All of the above are naturally subject to their own restrictions and conditions. However, this new Resolution goes a long way in developing the role of the Central Bank and in line with the separation of powers, equips the Central Bank with greater authority separate from the Ministry of Economy.