Regulatory Alerts2022-06-07
Central Bank of Libya Circular No. 111/2015 on Expanding Acceptance of Customer Cash Balances
The Central Bank of Libya, through its Banking and Currency Supervision Department, issued Circular No. 111/2015 requiring commercial banks to cancel charges on cash withdrawal and deposit services for current accounts, simplify related procedures, and instruct branch managers to fully comply with these instructions. This directive aims to expand the acceptance of customer cash balances, mitigate negative impacts on bank vault liquidity, and ensure transparency in banking service pricing. Banks must implement these changes promptly, announce any adjustments prominently, and report their adopted procedures to the Central Bank.
Share