Regulatory Alerts2022-06-07
Central Bank of Libya Circular Letter No. 158/2017 on Cancellation of Paragraph Three from Circular No. 82/2017
The Central Bank of Libya issued Circular Letter No. 158/2017 to formally cancel paragraph (3) of its earlier Circular No. 82/2017, which previously mandated that inspection companies obtain a clearance certificate from the Court of Audit confirming no operational obstacles. This directive requires all commercial banks, their temporary administrative committees, and the Libyan Foreign Bank to immediately update their compliance procedures and remove the Court of Audit certificate requirement when engaging international inspection firms for guarantee assessments. The Central Bank further instructs its internal departments and branch networks to disseminate the updated guidelines and ensure strict adherence across all banking operations.
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