Foreign Exchange & Financial Services Company is a joint stock Libyan company established in accordance with the decision of the General Peoples' Committee No. 611 of 1994 & the Secretary of the General People's Committee for Economy & Commerce decision No. 327 of 1994 with a capital of L.D. 7 million or the equivalent of US $ 19 million. The amount was paid in full and equally among the shareholders. The company started operating officially on November 15, 1994.
The purpose of the company is to undertake financial services and foreign exchange work inside the Jamahiriya. The company's statuts defines the general framework of it's activities and objectives in the following:
1- Selling and buying of foreign currencies.
2- Issuing and marketing of traveller's cheques.
3- Issuing of credit cards and other means of payment.
4- Buying and selling of securities and shares and other banknotes.
5- Ownerships of movable assets and rael estate as company may need to carry out it's activity.
To realize its goals, the company may enter into partnership and cooperation in any way with banks and financial institutions and others locally and abroad. The company may also invest its money in the field of its activity including lending and borrowing from banks and other financial institutions locally and abroad.
