Regulatory Alerts2023-09-21
Central Bank of Libya Publication No. 22/2023 on IFRS9 and AAOIFI Standard 30 Implementation
The Central Bank of Libya issued Publication No. 22/2023 requiring all banks and specialized banks to form implementation committees by August 31, 2023, and submit Board-approved transition plans with monthly progress reports by September 30, 2023. The directive mandates a phased adoption of IFRS9 and AAOIFI Standard 30, requiring pilot financial statements by December 31, 2023, and final compliance statements by December 31, 2024. Bank boards are instructed to directly oversee these implementation plans and may engage external experts to ensure technical readiness and risk-based regulatory alignment.
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