Archive · 19 Jul 2026
Libya Joins China's Payment System
Libya and China have agreed to connect Libyan banks to China's payment system called CIPS.
This will make it easier for them to do business with each other without using the US dollar.
The Governor of Libya's Central Bank, Naji Mohammed Issa, met with the Governor of China's Central Bank, Pan Gongsheng, in Beijing.
They talked about how to make trade between their countries easier and bigger.
They also agreed to let banks in both countries work together more and to send a group of Libyan bankers to China to learn more.
This will help both countries trade more and make their banking systems better.
Libya and China agreed to connect Libyan commercial banks to China’s Cross-Border Interbank Payment System (CIPS).
The agreement aims to reduce reliance on the US dollar and simplify financial transfers.
The Governors of the Central Bank of Libya and the People’s Bank of China discussed increasing trade volume between the two countries.
Libya will implement direct money transfers to China to facilitate transactions for small-scale traders.
An official Libyan banking delegation will visit Beijing to establish cooperation and learn from China’s experience in electronic payments.
- Who
- Libya and China
- What
- Libya joins China's payment system to reduce reliance on the US dollar
- When
- Agreement made during a meeting in Beijing on Friday
- Where
- Beijing, China
- Why
- To simplify financial transfers, increase trade, and reduce reliance on the US dollar
Libya
China
Economic Partnership
Libya
Libya aims to reduce reliance on the US dollar and strengthen trade ties with China.
China
China seeks to expand its financial influence and increase trade with Libya.
- Libyan Governor
- Naji Mohammed Issa
- Chinese Governor
- Pan Gongsheng
- Payment System
- China’s Cross-Border Interbank Payment System (CIPS)
- Objective
- Reduce reliance on the US dollar
- Trade Focus
- Increase volume of trade between Libya and China
- Key Agreement
- Connect Libyan commercial banks to CIPS
- Planned Visit
- Official Libyan banking delegation to visit Beijing