Regulatory Alerts2022-06-07
Circular Letter (78/2015)
The Central Bank of Libya issued Circular Letter No. 78/2015 to address complaints regarding commercial banks' delays in transferring financial dues to foreign workers contracted with health facilities. The circular mandates that banks expedite the forwarding of coverage requests for these foreign workers to the Central Bank after verifying all required documents and data, thereby leveraging previously granted decision-making powers. The Central Bank will hold banks fully legally responsible for any resulting liabilities and will enforce applicable penalties under Law No. 1 of 2005 for non-compliance.
Share