Money Transfers in Libya: Banking Regulation in Libya

Ahmed Rajab, General Manager of Jumhouria Bank, talks about money laundering prevention, regulations of the banking sector and safe transfers in Libya.

Rajab admits that the banking sector is facing many challenges regarding the limitation on the transfers of each company and for individuals.

“Really we are facing many problems. We also asked the central bank to delegate this to the banks themselves to know their customers and determine appropriate transfers. After the revolution, and not just in Libya but in many countries, when there is no proper system and the government is not stable due to the revolution or war, the country will be targeted by many people, either internally or externally,” explains Rajab.

According to Rajab, the solution is to delegate the responsibility for the banks themselves: “We are gradually trying to improve by discussing these issues with the central bank and trying to facilitate this gradually and introduce things gradually to soothe the regulations and increase transparency.”

“To open this issue we should give trust to the people who are working outside to be able to transfer their money inside so they can collect their money immediately, exchange it to the Libyan dinar, and transfer it back. We have to create some trust between the banking sector and the people itself to enable a number of things in the banking sector here,” concludes Rajab.