Central Bank of Libya

P.O. Box 1103 | Telex Address: Misriliya - Tripoli, Libya
Fax/Telex: R/M 804
Circular No.: R M N No. (2015/111)
Date: 25 Dhu al-Hijjah 1436 AH
Corresponding Date: October 8, 2015 AD

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To / The Employees of Commercial Banking Institutions
To / The Heads of Temporary Administrative Committees at Commercial Banks
Mr. / General Manager, Libyan External Bank

With greetings...

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Subject: Expanding the Acceptance of Cash Balances from Bank Customers

Based on the provisions of Law No. (1) of 2005 AD concerning Banks, and its amendments, and on the supervisory and regulatory role of the Central Bank of Libya under these provisions.

And with reference to Circular No. (3) of 2005 AD dated 12/2005 AD, concerning the liberalization of banking service prices, within the framework of consolidating the principle of transparency and clarity among banks, aiming to provide the best banking services at the lowest possible cost.

And since the instructions of the Central Bank of Libya issued under the aforementioned circular included specific types of banking services, which were divided into two groups comprising domestic and foreign operations, banks may set prices for providing them based on a scientific method covering the actual cost corresponding to the service, and announce them in a prominent place allowing customers to access them, with notifying the Banking Supervision Department of any changes thereto. However, it was observed that banks have set charges for cash withdrawal and deposit services on current accounts, which may negatively affect the availability of cash liquidity in bank vaults.

Therefore, you are requested to cancel the charges applied to cash withdrawal and deposit services from current accounts, and simplify procedures to ensure the expansion in accepting cash balances from customers, and instruct and direct your branch managers to strictly comply with the issued and published instructions, and to forward to us the procedures adopted in this regard.

Peace, mercy of God, and blessings be upon you...

Abdul Hafeez Masoud Qureshi
Manager of Banking and Currency Supervision Department / Authorized

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Copies to:

Mr. Deputy Governor
Mr. Chairman of the Board at Banks
Mr. Manager of Banking Operations Department - Central Bank of Libya
Mr. Manager of Deposits Department - Central Bank of Libya
Mr. Manager of Legal Affairs Department - Central Bank of Libya
To: Branch Managers of the Central Bank of Libya (Bani Walid, Sabratah, Sirte)
The probable names prepared for announcement

APPROVED 2015 AD - Libya Square
www.cbl.gov.ly, swift code:CBLJLYLX, +218 21 444 1488 , Tripoli, +218 21 333 3591 Mobile