2024-04-29 10:47:50
The Central Bank of Libya announced its agreement to print five billion dinars in 10-dinar denominations, with the English company Delarue, which specializes in printing and manufacturing banknotes.
The Central Bank indicated in a special statement to Al-Ahrar that it will begin supplying this value in batches starting next May.
On April 22, the Central Bank announced the start of the process of withdrawing the first and second issues of the 50 dinar note from circulation, starting from Sunday, April 21, until the end of work on Thursday, August 29.
The bank called on all citizens to go to banks and their branches to deposit what they hold from this category into their current accounts, with the need to sort and classify each issue separately to facilitate deposit operations.
Strict measures
The Central Bank of Libya stressed the necessity of applying “enhanced due diligence” procedures to cash deposit transactions exceeding 250,000 dinars for natural individuals, and one million dinars for legal entities.
These procedures include verifying the identity of the depositor and the source of funds, analyzing the potential risks associated with deposit operations, and immediately reporting any suspicious indicators to the Libyan Financial Information Unit.
The bank also called on all banks to send a weekly report to the Libyan Financial Information Unit and the Banking and Monetary Control Department at the Central Bank of Libya, which includes details of cash deposit operations made on customers’ accounts.
The Central Bank urged banks to exercise due diligence when receiving currency to prevent counterfeit currency from being passed on, including taking into account controls against money laundering and terrorist financing crimes.
How do you distinguish between original and counterfeit currency?
As questions increased about how to distinguish between the original and counterfeit currencies, the Central Bank published a video statement explaining the differences between the counterfeit and authentic copies of the 50 dinar coin, indicating that there are four copies of it.
It is possible to distinguish between original and counterfeit currencies through several factors, such as the texture of the currency, serial numbers, silver security tape, and copper bristles. Ultraviolet rays and a laser pen can also be used to detect differences between currencies.
Citizens’ questions: Will the bank accept all the money?
Although the Central Bank of Libya has clarified how to distinguish between original and counterfeit currencies, citizens are still confused about whether the bank will accept all the money in their possession, or will refuse to receive counterfeit currencies.
This question remains pending clarification from the Central Bank of Libya on how to deal with counterfeit currencies, and whether there is compensation for citizens in possession of these currencies.
Source: Libya Al-Ahrar
2024-04-29 10:47:50