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.
Circular No. 5/2024 Date: March 19, 2024 (1445 AH) Issuing Authority: Central Bank of Libya
Legal Basis: Pursuant to Article 15 of CBL Law No. (1) of 2005, and by delegation of the Board of Directors under Board Decision No. (15) of 2024 regarding the licensing of banks and financial companies, in accordance with Article (105) of the Executive Regulations.
Request & Approval: Based on a request submitted on March 14, 2024 (corresponding to 1445 AH), addressed to the Chairman of the Board at the Central Bank of Libya, regarding The Bank / Financial Company, with its Head Office and Activity clearly defined. The Central Bank of Libya hereby grants approval for the licensing/establishment of the aforementioned entity.
Scope & Implementation: This Circular applies to all licensed banks and financial companies, including foreign bank branches. It is published in the Official Gazette and notified to all concerned parties for implementation.
Contact Information: Website: www.cbl.gov.ly SWIFT Code: CBLJLYLX Phone: +218 21 444 1488 / +218 21 333 3591 Email: Presidentiat.Affalrs@parliament.ly
Issued By: Central Bank of Libya – Chairman of the Board Date: March 14, 2024 (No. 1445 AH / 2024/03/14) Based on a submitted request to the Chairman of the Board, CBL.