Regulatory Alerts2022-06-07
Central Bank of Libya Circular Letter No. 56/2015
The Central Bank of Libya issued Circular Letter No. 56/2015 requiring all commercial banks operating in the country to obtain prior regulatory approval for foreign currency transactions related to supplying ready-mixed cement. This temporary directive applies uniformly across commercial banks, their interim administrative committees, and the Libyan Foreign Bank under Law No. 1 of 2005. The measure enforces existing supervisory instructions to ensure centralized oversight of cement sector foreign currency flows.
Central Bank of Libya
P.O. Box 1103 | Telegram Address: Libya Bank - Tripoli - Libya
Reference: R.M/N 804
Circular Letter No. R.M/N (56/2015)
Date: 16 Rajab 1436 AH | Approved: 05 May 2015 AD
To the General Managers of Commercial Banks, To the Heads of Interim Administrative Committees of Commercial Banks, To the General Manager - Libyan Foreign Bank
Greetings...
Based on the provisions of Law No. (1) of 2005 regarding Banks and its amendments, and within the framework of the supervisory and regulatory role exercised by the Central Bank of Libya over commercial banks operating in Libya in accordance with the provisions of the law.
Based on the instructions of the Central Bank of Libya, and temporarily, all foreign currency transactions conducted by all commercial banks for the supply of ready-mixed cement are subject to prior approval from the Central Bank of Libya.
Peace, mercy, and blessings of God be upon you...
"Abdulmajeed Mohamed Al-Jaouri" Director of the Banking and Currency Supervision Department / Acting
Copies to // The Governor, The Deputy Governor, Banking Follow-up and Compliance Monitoring Department m/Al-Fitouri / Circular Letter (28)
www.cbl.gov.ly | SWIFT Code: CBLJLYLX | Fax: +218 21 444 1488 | Phone: +218 21 333 3591