Central Bank of Libya

P.O. Box 1103 | Telegram Address: Masarifiba - Tripoli, Libya

Reference: MR/N 804

Circular Letter No. MR/N (2013/1)

Date: 20 Sha'ban | Corresponding: 02 January 2013

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To: General Managers of Commercial Banks

To: Heads of Interim Administrative Committees of Commercial Banks

To: General Manager of the Libyan Foreign Bank

In the Name of Allah, the Most Gracious, the Most Merciful

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With reference to our Circular Letter No. MR/N (2012/19) dated 22 July 2012, regarding the implementation of electronic and manual clearing rules in all commercial banks.

And with reference to our Circular Letter No. MR/N (2012/24) issued on 16 October 2012, regarding the extension of the acceptance period for checks issued by the Ministry of Finance and its affiliated entities, which exceed 250,000,000 Libyan Dinars (Two Hundred Fifty Million Libyan Dinars), until the end of December 2012 for public entities only that have not yet adapted their systems to comply with the electronic clearing system (ACP) rules.

Since the necessary procedures to adapt currently applied systems to comply with the electronic clearing system (ACP) rules are not yet complete, and considering the time-bound procedures for salary transfers, and to enable banks to connect all their branches to the banking system, based on instructions from the Deputy Governor, it has been decided to extend manual clearing operations and the acceptance period for high-value checks through the (ACP) system until the end of March 2013.

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Dr. Mohamed Abduljalil Abousineen

Director of the Banking and Currency Supervision Department

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Copies to: The Governor

Copies to: The Deputy Governor

Copies to: The Undersecretary of the Ministry of Finance

Copies to: The Director of Banking Operations Department

Copies to: The Head of the Electronic Clearing Project Team

Copies to: The Manager of Service Provider and Applications, Central Bank of Libya

Copies to: Banking Follow-up and Compliance Monitoring Department

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