Central Bank of Libya extends acceptance of 50 dinars banknotes

The Central Bank of Libya (CBL) has announced an extension for the circulation and acceptance of the first and second editions of its 50-dinar banknotes, providing relief to both Libyan citizens and financial institutions amid ongoing economic challenges. This move aims to mitigate concerns over the potential disruption caused by the withdrawal of the banknotes.

 

According to the CBL’s Issuance Department, banks are now required to extend the period for accepting the 50-dinar notes from customers until December 31, 2024. Initially, the deadline for the withdrawal of these banknotes was set for the end of August 2024, before being pushed to October 31. With this latest extension, the banknotes will remain in circulation and continue to be accepted by banks until the end of the year.

 

Additionally, the Central Bank has stipulated that the 50-dinar banknotes will continue to be accepted by the CBL, its branches, and the affiliated departments of commercial banks until the close of business on Wednesday, January 15, 2025. This extended deadline provides banks with additional time to withdraw the older currency from circulation and ensures that citizens have sufficient time to exchange the notes without financial disruptions.

 

The extension reflects the CBL’s efforts to stabilize the Libyan economy, which has faced significant challenges due to political instability and financial uncertainty. By allowing the prolonged use of the 50-dinar banknotes, the central bank seeks to ensure a smoother transition for both businesses and individuals, while maintaining liquidity in the economy.

 

The decision is expected to ease public concerns and avoid potential cash shortages, which could have compounded the difficulties faced by Libya’s already struggling financial sector. This proactive measure demonstrates the Central Bank’s commitment to supporting the country’s economic stability during a critical period.