Central Bank of Libya agrees joint task force with Interior Ministry to target unlicensed operators and the parallel foreign exchange market

The Central Bank of Libya held an expanded meeting with the Ministry of Interior on banking sector security and financial stability and agreed to set up a joint task force to address illicit activity affecting the economy. The task force will bring together security agencies, the ministry and the central bank to develop a mechanism and strategy to combat companies and shops operating without central bank licenses, take legal action against violators and curb fictitious market speculation. The discussions also covered a joint action plan to limit and eliminate the parallel foreign exchange market, which was described as damaging to the national economy, exchange rate stability and citizens' daily lives. Other issues included smuggling across land borders and imports conducted outside the banking system, which were linked to the entry of substandard and prohibited goods. Separately, the meeting noted the central bank's provision of USD cash to citizens through commercial banks after years of interruption, the expansion of electronic payments, and ongoing security cooperation to protect bank branches and cash transportation. Under the agreed approach, unlicensed operators will be given a period to regularize their status before strict legal measures are applied.