Central Bank acts to end cash shortage

The Central Bank of Libya (CBL) is taking decisive action to tackle the nation’s persistent cash shortage.

Following a high-level meeting on Sunday, the CBL announced a coordinated plan to distribute banknotes to commercial banks across the country.

The meeting, attended by directors of CBL departments, general managers of leading commercial banks, and representatives from the Facilities and Installations Security Authority, was held under the auspices of the CBL Governor and his Deputy.

The objective: to finalise and implement a robust strategy for the swift distribution of liquidity.

The plan involves a precisely timed operation to transport cash shipments by both air and ground to bank branches across Libya.

This logistical effort is scheduled to commence this week, ensuring nationwide coverage. Libyans can expect to see a marked improvement in cash availability at their local branches starting Sunday, 3rd November.

The CBL has emphasised its commitment to maintaining this increased flow of cash in the months to come, aiming to alleviate the financial pressures faced by individuals and businesses alike.

This move is widely seen as a crucial step towards stabilising the Libyan economy and restoring confidence in the banking sector.