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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Central Bank of Libya P.O. Box 1103, Telegram Address: MasrafLibya - Tripoli - Libya Reference: A.R.M.N. / 731 Circular Letter No. A.R.M.N. (29/2014) Date: 25 Jumaada Al-Awwal 1435 AH Corresponding Date: 26 March 2014 .... (Signature) Abdulmajid Mohammed Al-Maqouri Director of the Banking and Currency Supervision Department / Acting
To: The General Managers of Commercial Banks To: The Chairmen of the Interim Administrative Committees of Commercial Banks To: The General Manager - Libyan Foreign Bank Greetings,
This Administration has received a letter from the Director of the Office of the Auditor General, addressed to the Director of the Office of the Governor of the Central Bank of Libya, bearing Reference No. "19.1045-14" and dated 18/03/2014, which refers to Circular No. (1015) issued by the Auditor General dated 17/03/2014, regarding the restriction on concluding contracts and incurring obligations exceeding five million dinars, unless prior approval is obtained from the Audit Office.
And as we forward to you a copy of the aforementioned letter from the Director of the Office of the Auditor General, along with the referenced circular issued by the Auditor General, please take the necessary actions regarding this matter.
..., and peace, mercy, and blessings of God be upon you,... (Signature) Abdulmajid Mohammed Al-Maqouri Director of the Banking and Currency Supervision Department / Acting
Copy to: To the Governor. To the Deputy Governor. To the Deputy Auditor General. To the Banking Follow-up and Compliance Monitoring Department. P.O. Box 1506.
Phone: +218 21 3591 333, Fax: +218 21 444 1488, www.cbl.gov.ly, swift code: CBLJLYLX
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General National Congress - Libya Libyan Audit Office Office of the Auditor General
Date: 18/3/2014 AD Reference No.: 15-191045
To the Respected Sir, Director of the Office of the Governor, Central Bank of Libya
Greetings,
We attach herewith Circular No. (1015) issued by the Auditor General dated 17/3/2014 AD, regarding the restriction on concluding contracts and incurring obligations exceeding (5) five million dinars unless prior approval is obtained from the Audit Office.
Kindly circulate it to the department managers and bank managers under your jurisdiction.
..., and peace, mercy, and blessings of God be upon you,... (Signature and Seal) Mohammed Abdulwahab Al-Zatreeni Director of the Office of the Auditor General
Copy to: To the Auditor General. To the Deputy Auditor General. To the Director of the Follow-up Office. P.O. Box.
Al-Zahra Square - Tripoli - Libya P.O. Box: 2879 Fax: +218 21 444 0630 dewan.libya@hotmail.com