2024-04-21 17:36:24
The Central Bank of Libya issued a decision to withdraw the first and second issues of the fifty dinar note from circulation, starting next Sunday.
The decision, a copy of which was obtained by Libya Al-Ahrar, in its second article, urged commercial banks to accept the currency withdrawn from circulation from customers and add it to current accounts while adhering to the procedures contained in the issuance management instructions.
According to Article Three of the decision, the last date for accepting the category withdrawn from circulation is August 29, calling on commercial banks to deposit the amounts in their accounts with the Central Bank.
At the end of February of this year, the Central Bank revealed in a statement that there were 3 issues of the 50-dinar denomination in circulation in the markets, and decided to withdraw them.
The bank confirmed in a letter addressed to the Finance Committee of the House of Representatives that one of these issues is of unknown origin and is subject to investigation by the Attorney General’s Office, explaining that the other two issues belong to the Central Bank in Tripoli and the Central Bank in Benghazi.
The bank indicated that it will withdraw this category according to controls that it will announce later, for fear of high rates of fraud, its causing serious harm to the economy, and its use in illegal activities.
The bank confirmed that this category will be accepted and deposited in accordance with controls and procedures related to money laundering and terrorist financing crimes, especially those received after the issuance of the withdrawal decision, while emphasizing the Central Bank’s keenness to take into account all the reasons for achieving financial stability for the state, according to the bank.
Source: Central Bank of Libya “Decision”
2024-04-21 17:36:24