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.
Central Bank of Libya
P.O. Box 1103 | Telegram Address: Libyabank - Tripoli - Libya
Reference: 804/N.M.R
Circular Letter No. N (2017/158)
Date: 01 Shawwal 1438 AH.
Corresponding to: 23 August 2017 AD ...
To the General Managers of Commercial Banks
To the Heads of Temporary Administrative Committees of Commercial Banks
To the General Manager - Libyan Foreign Bank
Greetings ...
Based on the provisions of Law No. (1) of 2005 regarding 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 provisions of the law.
And referring to our Circular Letter No. N (2017/82), issued on 26/04/2017, regarding the mechanisms for dealing with inspection companies capable of conducting international guarantee inspections according to the stipulated controls, where paragraph (3) states: "Providing a certificate from the Court of Audit confirming the absence of any obstacles restricting the company's activity."
We inform you of the issuance of the Central Bank of Libya instructions regarding the cancellation of paragraph (3) from the aforementioned Circular Letter No. N (2017/82). Accordingly, you are requested to give the matter due attention, take the necessary actions regarding it, and implement its provisions.
Peace, mercy, and blessings of God be upon you...
Amr Al-Mouzai
Director of Banking and Banks Supervision/Offices
Copies to:
The Governor / To the Honorable
Deputy of the Court of Audit / To the Honorable
Director of Information Department at the Central Bank of Libya / To the Honorable
Director of Accounts Department at the Central Bank of Libya / To the Honorable
Branch Managers of the Central Bank of Libya (Sahel - Benghazi - Sirte) / To the Honorable
Head of Bank Coverage Committee for Correspondents Abroad at the Central Bank of Libya / To the Honorable
Director of the Main Financial Information Unit at the Central Bank of Libya / To the Honorable
Deputy Director of Banking Supervision and Office Supervision & Compliance Monitoring / To the Honorable
Compliance Units at Commercial Banks - For Follow-up / To the Honorable
The Banking Institution and Compliance Branch / For Information
R. Al-Shibani / Circular Letters 2017/158