Regulatory Alerts2023-07-12
Central Bank of Libya Circular 3/2015 on Foreign Currency Regulations for Letters of Credit and Imports
The Central Bank of Libya issued Circular 3/2015 and Governor Decision No. 96 of 2015 to regulate foreign currency usage for industrial and service imports by suspending direct collection documents and mandating Letters of Credit. The decision requires commercial banks to finance imports via open Letters of Credit, secure foreign currency coverage from associated overseas banks within thirty days, and enforce international inspection certificates alongside timely customs declarations. These measures standardize import financing, ensure regulatory compliance, and remain effective until superseded by conflicting regulations.
Share