Central Bank of Libya Circular No. 27/2023 on Documentary Credit Regulations

Central Bank of Libya P.O. Box 1103 | Telegraph Address: CBL - Tripoli - Libya

Circular No. (27/2023) Date: 13 Jumada al-Awwal 1445 AH / November 27, 2023 AD

To: The General Managers of Banks Greetings,

Based on the provisions of Law No. (1) of 2005 concerning Banks and its amendments, and the supervisory and monitoring role exercised by the Central Bank of Libya over banks in accordance with the law's provisions.

And referring to Circular No. (2022/15) dated 2022/12/19, regarding the regulations governing documentary credit opening procedures.

And referring to Circular No. (2023/12) dated 2023/2/26, regarding amendments to certain regulations governing documentary credit opening procedures.

And referring to Circular No. (2023/23) dated 2023/8/7, regarding the request to form a specialized committee to study documentary credit opening applications in banks.

We inform you of the issuance of the Central Bank of Libya's instructions regarding the addition of certain regulations governing documentary credit opening procedures, as follows:

1. All public and private companies, institutions, and individual businesses are required, when applying for any new documentary credits, as well as individual activities, to submit a Solidarity Fund Payment Certificate issued by the General Authority for the Social Solidarity Fund. This certificate must confirm that the entity is committed to paying its obligations related to the 1% social solidarity contribution on the salaries of its workers and employees during the granting of the documentary credit or any other procedures requiring it.

Peace be upon you,

Naji Mohammed Eissa Director of the Banking and Currency Supervision Department

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Copies to //

• The Governor
• The Deputy Governor
• The Director of the Audit Department, Central Bank of Libya
• The Director of Payments and Settlements Department, Central Bank of Libya
• The Director of the Legal Department, Central Bank of Libya
• The Director of Accounts Department, Central Bank of Libya
• The Director of Information Technology Department, Central Bank of Libya
• The Director of the Libyan Credit Information Center, Central Bank of Libya
• The Director of Banking Operations Department, Central Bank of Libya
• The Director of the Financial Information Unit, Libya - Central Bank of Libya
• The General Manager of Customs Authority
• The Deputy Director of Banking and Currency Supervision Department for Office Supervision and Compliance Follow-up
• The Deputy Director of Banking and Currency Supervision Department for Inspection Affairs
• The Deputy Director of Banking and Currency Supervision Department for Islamic Banking Affairs
• To the Heads of Compliance Units in Banks "For Follow-up"
• Banking Follow-up and Supervision Department

No. / N / J / Circular 2023

Tel: +218 21 3591 333, Fax: +218 21 444 1488, www.cbl.gov.ly, SWIFT Code: CBLJLYLX