The Central Bank of Libya (CBL), the autonomous monetary authority of Libya, has issued a new set of guidelines and limits on the use of debit cards to prevent the exploitation of electronic banking cards by crisis dealers.
The public notice directed towards all commercial banks and the Libyan Foreign Bank will dictate daily, weekly, monthly and annual cash withdrawal and purchasing limits on cards issued by Libyan lenders.
The guidelines will regulate ATM cash withdrawal setting a daily, monthly and annual limit of $200, $5000 and $10000, respectively.
CBL will also check point of sale payments by the amount of money deposited within the account besides putting a cap of $50 or equivalent in other currencies on point of sale cash-back. It will penalize the organizations not complying with the guidelines that take effect from January 1, 2015.