Regulatory Alerts2022-06-07
Circular Letter (107/2016)
The Central Bank of Libya issued Circular Letter (107/2016) to approve the acceptance and settlement of Bursam collection documents for shipped goods, extending the final shipping date to 10 August 2016 and mandating settlement upon document arrival from abroad. This directive aligns with previous circulars (2014/2, 2014/3, 2016/18, and 2016/80) to standardize procedures for supplying goods to the local market and settling corresponding financial documents. Commercial banks and their credit units are required to apply these updated timelines and settlement rules effective immediately upon document receipt.
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