Regulatory Alerts2022-06-07
Circular Letter No. 17/2015
The Central Bank of Libya, via Circular Letter No. 17/2015, forwards a clarification from the Libyan Audit Bureau requiring commercial banks to accept checks attached to 2014 Marrabat (budgetary allocations) for government entities. Banks must endorse and stamp these checks to certify their 2014 value, ensuring the issuing entity bears responsibility while funds are deducted from the issuer's account in favor of the receiving bank. This directive implements prior audit letters by clarifying the freezing and suspension procedures for treasury accounts routed through commercial banks.
Share