Mandatory LAB approval for public works contracts exceeding LYD 5 million

Summary: Libyan Audit Bureau Circular No. (2) of 2026 mandates that government bodies obtain prior approval for contracts exceeding LYD 5 million. LAB also urges all financial institutions and banks responsible for fund disbursements or transfers not to process any payments for contracts exceeding five million dinars unless LAB approval is attached. Furthermore, entities must ensure that contracts or transfers are not split to evade the LAB's financial oversight threshold. For more details, refer to the official circular issued on May 5, 2026 (provided in the link below):

https://lawsociety.ly/legislation/%D9%85%D9%86%D8%B4%D9%88%D8%B1-%D8%B1%D8%A6%D9%8A%D8%B3-%D8%AF%D9%8A%D9%88%D8%A7%D9%86-%D8%A7%D9%84%D9%85%D8%AD%D8%A7%D8%B3%D8%A8%D8%A9-%D8%B1%D9%82%D9%85-2-%D9%84%D8%B3%D9%86%D8%A9-2026-%D9%85-%D8%A8/

Note: Please let me know if you would like a full English translation of the circular.

CBL Decision No. 1-2026: Cash Limits Requiring Declaration

Decision No. (1) of the Central Bank of Libya for the year 2026: Regarding the amendment of the upper limit on amounts that must be declared upon entry into or exit from Libya

Issuance Date: April 23, 2026

Notice on Cash and Currency Disclosure
Pursuant to Decision No. (1) of 2026 issued by the National Committee for Combating Money Laundering and Terrorist Financing regarding currency declaration thresholds for travelers entering or leaving Libya:

• Foreign Currency (Entry): Travelers may bring in up to $30,000 USD (or its equivalent in other foreign currencies).
• Foreign Currency (Exit): Travelers may take out up to $5,000 USD (or its equivalent in other foreign currencies).
• Local Currency (Entry/Exit): Travelers may bring in or take out up to 1,000 Libyan Dinars.

Mandatory Declaration Requirement
Any amounts exceeding these limits must be formally declared by completing and submitting a Currency Declaration Form to the competent customs officer.

Warning: Failure to declare funds exceeding these thresholds constitutes a customs violation and subjects the offender to legal liability under applicable laws.

Below is the link to the full text of the Decision:

https://customs.gov.ly/%d8%aa%d9%88%d8%ac%d9%8a%d9%87%d8%a7%d8%aa-%d8%b9%d8%a7%d9%85%d8%a9-%d9%84%d9%84%d9%85%d8%b3%d8%a7%d9%81%d8%b1%d9%8a%d9%86-%d8%b9%d8%a8%d8%b1-%d8%a7%d9%84%d9%85%d9%86%d8%a7%d9%81%d8%b0-%d8%a7%d9%84/

Eastern Libya Customs Authority rejects the abolition of the preferential 'customs dollar' under Decision 160-2026

Summary: The East Libyan parallel authorities rejected the 6 April 2026 decision by the Government of National Unity's Ministry of Finance (Decision No. 160-2026) to abolish the preferential "customs dollar" rate. Eastern customs and financial bodies moved to maintain the old lower rate of 2.12 LYD per U.S. Dollar.

NOTE: Pursuant to Decision No. 160-2026, the Tripoli and Misrata Customs Authorities have begun applying the calculation method based on the CBL's daily exchange rate.

Below is the link to the full text of the news article:

https://www.libyaakhbar.com/business-news/2773993.html