Libya Approves 91 New Currency Exchange Offices

In a significant step toward restructuring the country’s foreign exchange market, the Central Bank of Libya (CBL) has granted final operating approvals to 91 new currency exchange companies and offices across various Libyan cities and regions.

The latest approvals raise the total number of fully licensed exchange entities to 278, following the 187 licenses previously issued earlier this year. According to the CBL, the expansion is part of a broader strategic plan aimed at strengthening oversight of foreign currency activities, improving the geographic distribution of financial services, and ultimately contributing to greater stability in the domestic exchange market.

The bank emphasized that each newly approved company obtained its final license only after passing an initial review and undergoing on-site inspections to verify compliance with regulatory and operational standards.

A surge in demand is also testing the bank’s regulatory capacity. The CBL confirmed it has received more than 2,000 applications from companies seeking authorization to operate exchange services, an unprecedented volume that is currently under review.

The move aligns with ongoing national efforts to modernize Libya’s financial sector and curb distortions in the parallel currency market. It also follows recent government initiatives targeting greater transparency in other key sectors, including an overhauled regulatory framework for the country’s oil industry.

As the Central Bank continues processing the remaining applications, officials note that further approvals will depend on each applicant’s ability to meet the bank’s compliance, governance, and operational standards.