Libya says the funds are needed to pay employee salaries and keep basic services runningThe UN Security Council has lifted sanctions on Libya's central bank and the country's foreign investments banks, diplomats say.
They say the move is aimed at easing a current cash crisis in Libya.
The US followed the suit shortly afterwards, lifting "most" sanctions against Tripoli.
The Libyan banks' assets abroad were frozen earlier this year as part of sanctions against former Libyan leader Col Muammer Gaddafi.
On Friday, the UN Security Council decided to lift the sanctions on the Central Bank of Libya and its investments subsidiary - the Libyan Foreign Bank.
In a similar move, the White House said in a statement that "the United States rolled back most US sanctions on the government of Libya to keep our commitment to the Libyan people".
The interim government in Tripoli has recently stepped up calls for the release of some $150bn (£96bn) held abroad to pay employee salaries and keep the country's basis services running.
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