08.02.2013
The Central Bank of Libya gave commercial banks the powers to make foreign remittances for the purpose of financing the importation of supplies, farm, information, computer equipment, medicines and medical supplies. This action falls under decision No.(1) of 2013 and reiterates the following conditions:

• Applications are to be submitted in accordance with the model number "ARN" (3/2008) Annex circular No. "AR" (3/2008) which is available on the CBN website.
  
• The application is then attached to the conversion claim (bill) which should illustrate the initial prices and the classes of the goods and quantities to be supplied. These claims are to be enhanced by the local suppliers.
  
• Conversion is to take place in Libyan dinars.
  
• The supplier shall be committed to providing a license which is to be indicative of the activity carried out by the Ministry of Economy.
  
• A statistical code card shall be issued by the Customs Department, on documents that are to be submitted to the bank, in order for them to be valid at the date of applying for a foreign transfer.
  
• Banks should comply with the capping instituted on the total sum being transferred in these cases – no more than 100,000 dollars at one go, and no more than 250,000 dollars in a year. If the value exceeds the allowed conversion, the concerned entity will be directed to open a documentary credit for the supply of goods in accordance with the procedures applicable to banking.
  
• The supplier shall be committed to submit a customs declaration which will evidence the supply of equipment and goods within a specific period and under the applicable instructions issued by CBL. These entities should commit to supply goods to Libya, and must be able to provide customs declarations.