Regulatory Alerts2022-06-07
Central Bank of Libya Circular No. 29/2014
The Central Bank of Libya issued Circular No. 29/2014 to enforce the Audit Office’s restriction requiring commercial banks and their interim administrative committees to obtain prior approval before concluding contracts or incurring obligations exceeding five million Libyan dinars. The circular directs banks to circulate and implement Audit Office Circular No. 1015, mandating compliance monitoring departments to verify pre-approval for all high-value commitments. Banks must adopt the necessary internal procedures and forward copies of the referenced correspondence to ensure full regulatory adherence.
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