Regulatory Alerts2015-01-01
Bank of Zambia Circular No. 09/2015 - Restrictions on Borrowing by Libyan Embassies and Consulates
The Bank of Zambia has directed all commercial banks and financial institutions to recognize that Libyan embassies, consulates, and missions lack official authorization to borrow from host-country financial entities. Consequently, the Libyan government will not assume obligations or claims arising from such borrowing, and any mortgages or restrictions placed on Libyan state property will be deemed illegal and non-binding. Banks must therefore treat these financial arrangements as unenforceable against the Libyan state and comply with the new borrowing restrictions.
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