Libya IBAN Format (LY) — Structure, Length & Example

The Libya IBAN is 25 characters long and follows the ISO 13616 standard adopted by the Central Bank of Libya (CBL). Libya introduced the IBAN format to align its banking system with international payment standards, particularly for oil revenue settlements and foreign contractor payments. Libya is not a SEPA country — all international transfers use the SWIFT network, and the BIC code of the Libyan bank is required alongside the IBAN.

Libya IBAN at a Glance

• Country code: LY
• Total length: 25 characters (always)
• Format: LYkk bbb bbb ccccccccccccccc
• BBAN length: 21 characters
• Character types: 3-digit bank code + 3-digit branch code + 15-digit account number (all numeric)

Libya IBAN Structure Explained

1. Country Code — LY (2 characters)

The ISO 3166-1 alpha-2 code for Libya. Every Libyan IBAN begins with LY.

2. Check Digits — kk (2 digits)

Two decimal digits calculated using the MOD-97 algorithm defined in ISO 7064. They detect transcription and transposition errors before the payment is transmitted.

3. Bank Code — bbb (3 digits)

A 3-digit numeric code identifying the Libyan bank, assigned by the Central Bank of Libya. Major bank codes include:

• 002 — Sahara Bank (Libya's oldest private bank)
• 009 — Wahda Bank (formerly Bank of North Africa)
• 012 — National Commercial Bank
• 014 — Libyan Foreign Bank (international trade finance)
• 030 — Bank of Commerce & Development (BCD)

4. Branch Code — bbb (3 digits)

A 3-digit numeric branch code routing the payment to the correct branch within the bank. Libya's major banks operate branches across Tripoli, Benghazi, Misrata, and other cities.

5. Account Number — ccccccccccccccc (15 digits)

A 15-digit numeric account number. Shorter domestic account numbers are left-padded with zeros to fill all 15 positions.

Libya IBAN Example Explained

LY83 0020 4800 0020 1001 2836 1

• Country: LY
• Check digits: 83
• Bank code: 002 (Sahara Bank)
• Branch code: 048
• Account number: 000020100128361

This is an illustrative example. Validate a real Libyan IBAN using the ibanchecker.cash validator before initiating a payment.

How Libyan IBAN Validation Works

1. Country code check: First two characters must be exactly LY.
2. Length check: Total character count (spaces removed) must be exactly 25.
3. Character type check: All 21 BBAN characters must be decimal digits — the entire BBAN is numeric with no letters.
4. MOD-97 check: Move the first four characters to the end, replace each letter with its numeric value (L=21, Y=34), compute the number modulo 97. A valid IBAN always yields a remainder of 1.

Validate any Libyan IBAN instantly using the ibanchecker.cash IBAN validator.

Libya's Banking Sector

Libya's banking system is regulated by the Central Bank of Libya (CBL) and has undergone significant restructuring since 2011. The sector includes several commercial banks operating under challenging conditions due to the ongoing political situation:

• Sahara Bank — Libya's oldest private sector bank, founded in 1964. Majority-owned by the Libyan Investment Authority and has a long-standing correspondent relationship with BNP Paribas.
• Wahda Bank — Operates one of the largest branch networks in Libya; strong presence in eastern Libya including Benghazi.
• Libyan Foreign Bank — Established to handle international trade finance; the primary channel for Libya's oil export revenues.
• National Commercial Bank — A state-owned bank; largest by number of retail accounts.

Libya's economy is heavily dependent on oil exports, and international payments to Libya predominantly relate to energy sector contracts, construction projects, and government procurement.

Libya Is Not a SEPA Country

Libya is not part of SEPA. All international transfers to Libyan accounts travel via the SWIFT network. Important considerations:

• Processing times of 2–5 business days; correspondent banking routes to Libya can be limited
• Both the IBAN and the bank's BIC/SWIFT code are required
• Currency is the Libyan dinar (LYD)
• Verify current sanctions status before initiating transfers — Libya has been subject to various UN and EU asset freeze measures; ensure the receiving bank and account holder are not on OFAC, EU, or UN consolidated sanctions lists
• Some international banks have reduced their correspondent banking relationships with Libyan banks; confirm your bank's routing capability before initiating large transfers

Look up any Libyan bank's BIC using the ibanchecker.cash SWIFT directory.

Common Libyan IBAN Mistakes

Confusing LY with LU (Luxembourg)

The country code LY is Libya; LU is Luxembourg. The IBANs are very different in structure (Libya 25 chars, Luxembourg 20 chars), but the code similarity can cause manual entry errors. Always verify the country code matches the intended recipient country.

Wrong Length

Libyan IBANs are exactly 25 characters. Confusing them with Tunisian IBANs (24 chars) or Mauritanian IBANs (27 chars) is a common regional error.

Spaces in Electronic Submission

Remove all spaces when submitting electronically: LY830020480000201001283​61.

Compliance Note for Transfers to Libya

Finance teams sending payments to Libya should complete enhanced due diligence given the country's complex geopolitical situation. Use the ibanchecker.cash IBAN checker to verify the bank code and institution name, and cross-reference the receiving bank against your compliance screening tools before authorising payment. The bulk checker can process lists of Libyan IBANs alongside other MENA region accounts for efficiency.

Last updated: June 2026