Regulatory Alerts2023-07-12
Circular 2010/2
The Central Bank of Libya issued Circular 2010/2 to formally extend the bank account opening regulations under Article Eight of Decision No. 36 (2009) to clubs, unions, associations, and equivalent entities, treating them identically to charitable institutions and civil associations. This directive standardizes supervisory requirements for these organizations, ensuring consistent compliance with existing commercial banking rules across the Great Jamahiriya. The circular mandates immediate implementation by all commercial banks and is distributed to internal regulatory departments, branch managers, and the General People's Committee for operational alignment.
Central Bank of Libya P.O. Box 1103, Tripoli / The Great Socialist People's Libyan Arab Jamahiriya Telegram Address: Misr Libya - Tripoli
No democracy without popular conferences
Reference: I.R.M.N./716/M.13 Circular I.R.M. No. (2010/2). Date: 2 Safar. Corresponding: 17 Ayyar al-Nar 1378 AH (2010 AD).
To the General Managers of Commercial Banks To the General Manager - Libyan External Bank To the Acting General Manager - Trade and Development Bank To the General Manager - Libyan Foreign Bank To the Acting General Manager - Aman Trade and Investment Bank To the General Manager - Wafa'a Bank To the General Manager - First Libyan Gulf Bank To the Acting General Manager - Mediterranean Bank To the General Manager - Al Waha Bank To the General Manager - United Trade and Investment Bank To the Acting Chairman of the Administrative Committee - Al Saraya Trade and Investment Bank To the Acting Chairman of the Administrative Committee - Arab Commercial Bank To the Judicial Manager - Al Ijma' Arab Bank
With greetings,...
Based on the provisions of Law No. (1) of 1373 AH (2005 AD), concerning Banks, and within the framework of supervising banks and currency for the activities and operations of commercial banks operating in the Great Jamahiriya. And with reference to the decision of the Board of Directors of the Central Bank of Libya No. (36) of 1377 AH (2009 AD), issued on 2009/11/05 AD, circulated via Circular I.R.M. No. (2009/13), issued on 2009/12/01 AD, concerning the regulations for opening bank accounts in commercial banks.
Central Bank of Libya P.O. Box 1103, Tripoli / The Great Socialist People's Libyan Arab Jamahiriya Telegram Address: Misr Libya - Tripoli
No democracy without popular conferences
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Therefore, we inform you that clubs, unions, associations, and those equivalent to them are subject to the same rules as charitable institutions and civil associations, in accordance with Article Eight of the decision of the Board of Directors of the Central Bank of Libya No. (36) of 1377 AH (2009 AD), concerning the regulations governing the opening of bank accounts referenced above.
... Peace, mercy of God and blessings be upon you. ...
Dr. Mohammed Abduljalil Abusneene Director of the Banking and Currency Supervision Department
- To the Governor.
- To the Deputy Governor.
- To the General Secretary of the General People's Committee.
- To the General Secretary of the General People's Committee for the Popular Inspection and Supervision Authority.
- To the Director of the Office of Affairs of the General People's Committee for the Financial Audit Authority.
- To the Director of Banking Operations Department, Central Bank of Libya.
- To the Director of Audit Department, Central Bank of Libya.
- To the Director of Legal Administration Department, Central Bank of Libya.
- To the Director of Financial Information Unit, Central Bank of Libya.
- To the Secretary of the Board of Directors, Central Bank of Libya.
- Brothers/Managers of Central Bank of Libya branches (Benghazi, Sabha, Sirte).
- Banking Follow-up and Compliance Monitoring Department.
- Data and Statistics Department.
- T.B./2010/1.