Libya Connects Banks to China’s CIPS Payment System to Boost Trade
Libya and China have agreed to connect Libyan commercial banks to China’s Cross-Border Interbank Payment System (CIPS), marking a step toward closer financial cooperation and reduced reliance on the US dollar.
The agreement was reached during a meeting in Beijing between Central Bank of Libya Governor Naji Mohammed Issa and People’s Bank of China Governor Pan Gongsheng. The two sides discussed expanding trade and strengthening strategic cooperation between their central banks.
The deal will enable direct yuan-based financial transfers, simplify transactions for businesses, and allow letters of credit to be opened directly through Chinese banks. Officials also agreed to organize a visit by a Libyan banking delegation to Beijing to enhance cooperation, improve electronic payment systems, and strengthen compliance with international financial standards.
