Central Bank of Libya

P.O. Box 1103, Tripoli / The Great Socialist People's Libyan Arab Jamahiriya

Telegraphic Address: Misr Qlibya - Tripoli

Reference: R M N / 7/706

Mentioned: R M N No. (2011/3)

Date: 21 Rabi' al-Awwal

Corresponding: 23 Tawwar 1379 AH (2011 CE)

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To: Brothers / General Managers of Commercial Banks To: Brothers / General Managers of Libyan Banks Abroad

With Greetings...

Subject: Clarification of Inquiries from Banks Regarding the Transfer of Salaries for Workers under Moroccan Employment Contracts

In accordance with the provisions of Circular R M N No. (2008/3)

Based on the provisions of Law No. (1) of the year 1373 AH (2005 CE) concerning Banks,

And referring to the instructions issued by the Central Bank of Libya regarding granting commercial banks the authority to open and manage bank accounts for non-residents, and organizing the mechanism for withdrawal, deposit, and transfer through these accounts.

And to clarify certain inquiries received from some commercial banks operating in the Jamahiriya regarding the mechanism of bank transfers carried out abroad, by order of natural persons working under Moroccan employment contracts who are not citizens, or by order of various legal entities for services they import, or for salaries or financial dues transferred to non-residents contracted with them, in accordance with the provisions of Circular R M N No. (2008/3) issued on 16/1/2008 CE, we inform you as follows:

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1. In application of the provisions of Circular R M N No. (2006/5), referring to Circular No. (2005/6) of the Brother/ Secretary of the General People's Committee for Labor, Training, and Employment, employment contracts with non-Libyan nationals shall be concluded in Libyan Dinars, without specifying a percentage of salary conversion for workers under these contracts. Such transfers shall be subject to all regulations governing the use of foreign currency and dealing in it.

2. Transfers abroad shall be executed based on the Moroccan employment contracts, according to the payment terms stipulated in those contracts, without specifying a transfer cap. Transfers may be made by deduction from the account of the national or foreign entity contracted with, or directly from the bank account of the expatriate employee.

3. The applicant for the transfer, whether a natural or legal person, is obliged to complete and fill out the documents required to be presented for the first time when requesting the opening of a bank account, including the Customer Due Diligence (KYC) form, or those required to perform any transfer, in accordance with Circulars R M N Nos. (2008/3), (2007/12), and (2009/13), which are approved for all commercial banks in this regard.

4. In accordance with the provisions of Circular R M N No. (2001/23) issued on 31/12/2001 CE, regarding regulations on the use of foreign currency and dealing in it, non-citizens are permitted to purchase foreign currency in cash for personal purposes when traveling abroad, up to an amount of $5,000.00 per person. Excluded from this are the fees of visiting doctors and professors from outside the Jamahiriya, who are allowed to withdraw foreign currency in cash up to an amount of $10,000.00, in accordance with Circular Letter R M N No. (2008/123) issued on 14/9/2008 CE.

5. Banks must observe any prohibitions that prevent transfers to a country or banks prohibited for transfer, pursuant to instructions issued by the Central Bank of Libya or any other authorities.

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Peace, mercy, and blessings of God be upon you

Dr. Muhammad Abdul Jalil Abu Sineena Director of the Bank and Currency Supervision Department

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Signature / Deputy Observer Signature / Deputy Observer Signature / Secretary General of the General People's Committee for Planning and Popular Supervision Apparatus Signature / Director of the Legal Affairs Department, Central Bank of Libya Signature / Managers of Central Bank of Libya Branches (Benghazi, Sabha, Sirte) Signature / Data and Communications Department

Printed: 2011/3/B.M