Regulatory Alerts2024-06-24
Circular 8/2024
The Central Bank of Libya issued Circular 8/2024 to amend existing banking regulations and guidelines, updating capital requirements, licensing procedures, and reporting standards for licensed financial institutions. The circular mandates full compliance with the revised provisions effective 14 May 2024, supersedes conflicting prior directives, and establishes clear implementation timelines for supervisory oversight. All licensed entities must align their operational and governance frameworks with the updated regulatory requirements upon issuance.
Circular 8/2024 Date: 1445 AH / 2024 AD (Corresponding to 14/5/2024) Reference: Circular No. 2/2024 dated 1 February 2024 Reference: Law No. 5/12/1748 dated 8 May 2024
The Central Bank of Libya, pursuant to Law No. 5/12/1748 and Circular No. 2/2024, hereby amends the regulations and guidelines governing banking operations. This circular updates capital adequacy standards, licensing procedures, and reporting obligations for all licensed financial institutions. All relevant parties must comply with the revised provisions effective from the date of issuance, superseding any conflicting prior directives.
The updated framework clarifies implementation timelines, reporting deadlines, and supervisory oversight mechanisms for licensed entities. Governance standards and operational guidelines are revised to align with current regulatory expectations, ensuring consistent compliance across the banking sector.
Issued: 2024 Website: www.cbl.gov.ly | SWIFT Code: CBLJLYLX | Tel: +218 214441488, +218 213333591