Regulatory Alerts2023-07-12
Central Bank of Libya Circular 17/2012 on External Remittances for Financing Industrial Import of Raw Materials and Operational Requirements
The Central Bank of Libya issued Circular 17/2012 to regulate external remittances for industrial entities importing raw materials and operational requirements. The circular authorizes these entities to conduct foreign currency transfers up to an annual ceiling of 500,000.00 US dollars for goods intended for their own absorption rather than direct resale. Commercial banks are mandated to implement robust tracking systems that prevent duplicate transfers across branches or multiple accounts, ensuring accurate counting toward the single annual limit per entity.
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