Foreign Exchange

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The Concept of Foreign Currency and the Need for It:
This refers to the availability of cash and liquidity at the Central Bank and Local Banks of the most traded and circulated currencies around the world, including the Dollar, Euro, Sterling Pound, Japanese YEN and others.
As developing and consumer countries we need enough reserves of foreign currencies to ensure the strong financial position of our national currencies, and that we can pay for the imported goods and commodities essential for the people and country. The official reserves of foreign currencies are called the foreign assets that are available at any time for the monetary authorities and under its control for direct funding and other purposes.

Executive Steps to Sell Foreign Currencies:
  1. Proof for receiving the foreign currency in the financial statements of the branch then conducting the settlement of records with the general administration.
  2. The client shall submit a written application to buy the foreign currency from the Banks according to the form No. (BEC 2) allocated for the transaction accompanied with the ID certificate. Afterwards the whole transaction shall be listed in the system of selling foreign currencies.
  3. The application to buy foreign currency must then be endorsed by the officials at the branch or agency.
  4. Price of sale shall vary on a daily basis in compliance with the daily bulletin issued by the competent administration. In the event the sale price is less than the cost, the Bank shall bear the difference of the losses (Adherence to the price bulletins issued by the Central Bank of Libya is obligatory).
  5. The employee in charge of the process shall list the data of the transaction based on the system of selling foreign currency.
  6. The report on the sale of foreign currency must be introduced on one original document plus two photocopies verified by the employee in charge and the official at the branch.
  7. The cashier at the front desk will receive the value in LYD from the client, then stamps and signs the papers concerning the transaction, gives the client the second copy and maintain himself one copy while the original will be delivered to the department to sell and buy foreign currencies.
  8. The person responsible for exchanging foreign currencies shall deliver its worth -in foreign currency- to the client after recording all the numbers of the sold notes on the back of the paper of the transaction. The department for foreign currencies will record the daily entries of the sold foreign currnecies.
  9. An official registry shall be allocated for the foreign currencies so that the actual balance in the registry should match the foreign currency balance in the daily general ledger.
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