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By Naam Alkhosi.
Tripoli, 1 July 2014:
The Central Bank of Libya (CBL) has announced that individuals travelling in and . . .[restrict]out of the country must now declare cash in excess of LD 200 and the equivalent of $ 10,000 in foreign currency.
The central bank said the new regulations, which came into effect yesterday, were based on previous laws laid out in 2007 and then 2013. These old rules were little known and rarely enforced.
The CBL recommends individuals wishing to move larger sums of money outside of the country use approved bank or wire transfer companies. At the moment however, many wire transfer offices are closed. The Western Union bureau at Tripoli International Airport has been closed since the end of April and a sign on the door says no reopening date has been fixed.
The CBL says that standard customs approval forms will be made available in Arabic and English at border crossings and airports for travellers to declare quantities of cash higher than the stipulated amounts.
Individuals will have to account for the source of the money they declare and customs authorities will be obliged to report any irregularities to the CBL’s information unit.
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