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2022-06-07

Central Bank of Libya Circular (47-2017)

The Central Bank of Libya issued Circular No. 47-2017 to mandate commercial banks to open foreign currency sub-accounts for Libyan household heads corresponding to their local currency salary accounts. The directive requires banks to accept a commitment from applicants lacking existing current accounts, direct non-salaried applicants to their existing local account banks, and strictly link the foreign and local accounts to the personal expenditure purposes defined in Circular No. 2017/3. This measure reinforces supervisory oversight over foreign currency disbursements and ensures compliance with established Know Your Customer and account-opening regulations.

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Central Bank of Libya

Filed: 1103 - Birqa - Central Bank of Libya - TIBI

Reference: (732) / N 804
Circular | CBL No. (2017/47)
Date: 24 Jumada al-Awwal 1438 AH
Corresponding: February 21, 2017 CE

To: The Management of Banks

To: Chairmen of Temporary Administrative Committees of Banks

To: The General Manager - Libyan Foreign Exchange

Greetings...

Based on the provisions of Law No. (1) of 2005 concerning Banks and its amendments, and on the supervisory and regulatory role exercised by the Central Bank of Libya over banks in accordance with the law.

And to Circular | CBL No. (2016/12), issued on 27/10/2016, which forwarded Circular of the Governor No. (2) of 2016, concerning the implementation of the Board of Directors of the Central Bank of Libya Decision No. (36) of 2009, concerning the rules governing the opening of Egyptian accounts in commercial banks, accompanied by two Know Your Customer (KYC) forms for entities and individuals.

And to Circular | CBL No. (2017/3), issued on 01/02/2017, concerning the regulations governing the sale of foreign currency for personal purposes for the year 2017, which will be disbursed to Libyan household heads.

Accordingly, you are requested to comply with the following:

  1. Submit to open sub-accounts for household heads in foreign currency, corresponding to the local currency accounts into which their salaries are credited.

  2. You may open bank accounts for household heads who do not hold current accounts at banks, with the mandatory submission of a commitment not to hold a current account at another bank. As for household heads who do not receive salaries, they may approach the bank where they hold a local currency current account.

  3. For banks that operate through alternative channels not linked to the central system at your banks, you may open foreign currency accounts for household heads corresponding to an existing local currency account, designated for the purposes specified in Circular | CBL No. (2017/3) mentioned above, with the mandatory linking of the relationship between the two accounts.

Peace, mercy, and blessings of God be upon you...

Dr. Mokhtar Al-Hadi Al-Tawil
Director of the Banking and Currency Supervision Department

Signatures:

  • The Governor
  • The Director of the Legal Affairs Department at the Central Bank of Libya
  • The Managers of the Central Bank of Libya Branches (Sabha – Benghazi – Sirte)
  • The Deputy Director of the Banking and Currency Supervision Department for Office Supervision and Compliance Follow-up
  • The Deputy Director of the Banking and Currency Supervision Department for Field Supervision, Legislation, and Policies
  • The Head of the Compliance Department at Commercial Banks - Follow-up
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
  • The Head of the Banking and Currency Supervision Department - Compliance
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