Central Bank of Libya

P.O. Box 1103, Al-Adnan Al-Barqy Street, Tripoli, Libya

Reference: 1 M.N /804
Circular Letter No. 105-2017
Date: 26 Sha'ban 1438 AH
Corresponding to: 23 May 2017 AD

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To: General Managers of Commercial Banks

To: Heads of Interim Administrative Committees of Commercial Banks

To: General Manager - Libyan Foreign Bank

Greetings,

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

And referring to Circular 1 M.N No. (2017/2), issued on 01/02/2017, regarding the regulations governing the use of foreign currency for opening Standby Letters of Credit, and included in Item 2, Paragraph 5: "The inspection certificate must state that the goods are free of defects and shortages in quantity, delivered to the carrier, and loaded on board the named vessel, with the bill of lading signed by the ship's master."

We request you regarding the issuance of Central Bank of Libya instructions concerning an amendment to Paragraph 5
of Item 2 (Conditions for Opening Standby Letters of Credit), referenced above, by adding the acceptance of a bill of lading signed by the ship's master, or by a shipping agent authorized by the carrier at the port of loading to issue and sign the bill of lading showing the carrier's name. You are requested to enforce the aforementioned amendment, so that various departments and units in your banks follow up on the measures taken in this regard, in accordance with their assigned authorities.

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

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

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To: The Deputy
To: The Deputy of the Accounts Office
To: The Director of the Administrative Supervision Authority Office
To: The Head of the External Auditors Coverage Committee at the Central Bank of Libya
To: The Manager of the Legal Affairs Department at the Central Bank of Libya
To: The Deputy Director of Banking Supervision and Manager of the Central Bank of Libya (Saiqa - Benghazi - Sirt)
To: The Deputy Director of Banking Supervision, Financial Affairs, Library, and Follow-up
To: The Deputy Director of Banking Supervision, Digital Affairs, Monetary Affairs, Studies, and Policies
To: Heads of Compliance Units in Commercial Banks - Follow-up
To: The Manager of the Egyptian Follow-up Department at the Central Bank of Libya

Check Numbers: 6 Circular Letters /2017/105

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www.cbl.gov.ly, swift code:CBLJLYLX, +218 21 444 1488 Fax, +218 21 333 3591 Phone