Regulatory Alerts2024-05-16
Circular No. 5/2024
The Central Bank of Libya issued Circular No. 5/2024 on March 19, 2024, to grant licensing approval for the establishment or operation of specified banks and financial companies under Article 15 of CBL Law No. 1 of 2005 and Board Decision No. 15 of 2024. The directive mandates compliance with Article 105 of the Executive Regulations and extends its applicability to all licensed domestic entities, foreign bank branches, and financial institutions operating within Libya. It requires affected parties to adhere to the published licensing criteria, submit required documentation by March 14, 2024, and ensures the circular’s enforcement through publication in the Official Gazette and direct notification to all relevant stakeholders.
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