To facilitate SME imports, the Central Bank of Libya (CBL) will start issuing debit cards (Mastercard and Visa) preloaded with US$100,000 from March 1, 2023. Analysts have welcomed this decision as small business owners currently find it challenging to obtain dollars or letters of credit they need through banks. They also see the process as cumbersome, and sometimes they get crowded out by big businesses. So, they have to purchase dollars through the black market, which keeps the dollar’s exchange rate high. This move by the CBL will also redirect liquidity back to the official banking system from the unofficial black market.
