Regulatory Alerts2024-02-01
Central Bank of Libya Circular No. (01/2024) on Adding Infant Milk to Partially Covered Letters of Credit
The Central Bank of Libya issued Circular No. (01/2024) to formally add infant milk to the list of commodities eligible for letters of credit with partial coverage. This directive amends previous regulations by expanding the targeted sectors, thereby allowing banks to open partially covered letters of credit specifically for infant milk purchases. The instructions take effect immediately and apply to all supervised banks, customs authorities, and internal compliance units to ensure consistent implementation across the banking sector.
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