Regulatory Alerts2022-06-07
Periodic Circular (161-2017)
The Central Bank of Libya issued Periodic Circular No. 161/2017 to mandate commercial banks and their interim administrative committees to fully disclose foreign currency deposits held at the central bank. This requirement addresses a recent monitoring finding where certain institutions failed to report these deposits despite maintaining dedicated foreign currency accounts under the newly implemented mechanism for covering foreign currency obligations, including the Libyan family allowance of 400 USD. Banks must ensure strict compliance with this disclosure obligation by accurately reflecting these deposits in their financial position forms as stipulated under Law No. 1 of 2005 concerning Banks and its amendments.
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