The Central Bank of Libya said a meeting between Governor Naji Mohammed Issa and People's Bank of China Governor Pan Gongsheng focused on deepening bilateral financial cooperation and supporting Libya-China trade. The main outcome was an agreement to connect Libyan commercial banks to China’s Cross-Border Interbank Payment System, or CIPS, to make cross-border transfers more efficient and streamlined, alongside a broader push to launch a new phase of strategic cooperation between the two central banks. The sides also agreed to address obstacles in bilateral trade procedures, including starting direct remittance transfers to China for small traders and allowing letters of credit to be opened directly through Chinese banks. These steps are intended to help increase bilateral trade volumes and expand direct payment channels linked to trade. As a next step, the parties agreed to organize an official visit to China by a Libyan banking delegation led by the governor and including the general managers of Libyan commercial banks. The visit is aimed at meetings with the People's Bank of China and Chinese commercial banks, with a focus on China’s experience in electronic payments and direct financial transfers. According to the release, this is expected to help reduce reliance on the parallel market, support compliance with anti-money laundering and counter-terrorism financing standards, and improve the standing of Libya’s banking sector.
Central Bank of Libya2026-04-20
Central Bank of Libya agrees with People's Bank of China to connect Libyan banks to CIPS and enable direct remittances
The Central Bank of Libya said it has agreed with the People's Bank of China to connect Libyan commercial banks to China’s CIPS network to streamline cross-border transfers and support bilateral trade. The package also includes direct remittances to China for small traders and direct letters of credit through Chinese banks. A Libyan banking delegation will visit China to advance the cooperation.