Regulatory Alerts2024-01-25
Central Bank of Libya Circular No. 27/2023 on Documentary Credit Regulations
The Central Bank of Libya issued Circular No. 27/2023 to amend documentary credit regulations by mandating that all public and private companies, institutions, and individual businesses submit a Solidarity Fund Payment Certificate when applying for new documentary credits. This certificate must verify the entity's compliance with the 1% social solidarity contribution on employee salaries throughout the credit granting process or any related procedures. The directive builds upon previous circulars and reinforces supervisory oversight to ensure consistent financial compliance across Libyan banking operations.
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