Regulatory Alerts2022-06-07
Circular Letter No. 47 of 2014
The Central Bank of Libya, through Circular Letter No. 47 of 2014 issued by the Acting Director of Banking and Currency Supervision, mandates commercial banks to extend their check collection period via the ACP system from 48 hours to 72 hours. This directive responds to recent operational discussions between the bank's Payments and Settlements Department and commercial clearing centers regarding challenges in the electronic clearing system. All relevant banking executives, branch managers, and internal departments are instructed to implement these extended collection timelines immediately.
Central Bank of Libya P.O. Box 1103 | Telegram Address: CBL - Tripoli - Libya
Reference: 1 A R M N / 804 Circular Letter No. (47) of 2014 Date: 28 Jumada al-Akhirah 1435 AH Corresponding to: April 28, 2014 AD
To: General Managers of Commercial Banks To: Heads of Temporary Administrative Committees of Commercial Banks To: General Manager - Libyan Bank Abroad Greetings,
With reference to our Circular Letter No. (191/2012) dated July 22, 2012, regarding the implementation of electronic and manual clearing rules in all commercial banks.
And with reference to the letter from Mr./Director of Payments and Settlements Department at the Central Bank of Libya, bearing Reference No. (399), dated March 30, 2014, addressed to Mr./Executive Director of the Banking Operations Wing at the Central Bank of Libya, which highlights meetings held between the Payments and Settlements Department and clearing center managers at commercial banks to discuss the operation of the electronic clearing system, as well as the problems and difficulties encountered.
We inform you of the issuance of instructions by Mr./Deputy Governor of the Central Bank of Libya to extend the collection period for checks via the (ACP) system from 48 hours to 72 hours. Accordingly, you are requested to take the necessary measures in this regard.
Peace, mercy and blessings of God be upon you,
"Abdulmajid Mohammed Al-Maqouri" Director of Banking and Currency Supervision Department / Acting
Copies to:
- Mr./The Governor.
- Mr./The Deputy Governor.
- To Mr./Director of Banking Operations Department at the Central Bank of Libya.
- To Mr./Director of Payments and Settlements Department at the Central Bank of Libya.
- To Mr./Director of Service Provider and Applications Department at the Central Bank of Libya.
- To Mr./Head of the Electronic Clearing Project Team.
- To Mr./Branch Managers of the Central Bank of Libya (Benghazi, Sabha, Sirte).
- Banking Follow-up and Compliance Monitoring Department.
- 📁/ Post Office / R.D.
Phone: +218 3591 333, Fax: +218 21 444 148, www.cbl.gov.ly, SWIFT code: CBLJLYLX