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January 5, 2015

CBL introduces new regulatory measures for electronic payment cards

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.

By Verdict Staff

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.

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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.

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img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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