Regulatory Alerts2022-06-07
Central Bank of Libya Periodic Letter No. 48/2014 on Transfers of Global Airline Companies Operating in Libya
The Central Bank of Libya issued Periodic Letter No. 48/2014 to revoke the prior authorization granted to commercial banks, requiring all transfers by global airline companies operating in Libya to obtain explicit pre-approval from the Central Bank. Banks must now submit requests to the Banking and Currency Supervision Department accompanied by four specific supporting documents, including tax payment certificates, air transport department approvals, and certified sales forms. Additionally, banks are mandated to provide a monthly consolidated statement on CD detailing the volume and purpose of these executed transfers.
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