Regulatory Alerts2023-07-12
Central Bank of Libya Circular 12/2012: Cancellation of the 25% Cash Guarantee on External Remittances for Imports
The Central Bank of Libya has canceled the mandatory 25% cash guarantee on external remittances used for importing goods and means of production. Issued by the Director of the Banking and Currency Supervision Department under Circular 12/2012, this directive amends prior rules to permit commercial banks to process these remittances without holding the deposit. The amendment takes immediate effect, streamlining import financing by eliminating the refundable Libyan Dinar deposit previously required upon settlement.
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