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.
Central Bank of Libya P.O. Box 1103 | Telegraph Address: CBLLibya - Tripoli - Libya
Circular No. (01/2024) Date: 28 Jumaada al-Thani 1445 AH / January 10, 2024
To the General Managers of Banks,
Greetings,
Based on the provisions of Law No. (1) of 2005 concerning Banks and its amendments, and on the supervisory and regulatory role exercised by the Central Bank of Libya over banks in accordance with the law's provisions, And referring to Circular No. (2023/29) dated December 19, 2023, concerning the amendment of certain targeted sectors for issuing letters of credit with partial coverage according to "the attached schedule", We inform you of the issuance of the Central Bank of Libya's instructions regarding the addition of infant milk as a targeted commodity for issuing letters of credit with partial coverage.
Peace be upon you,
Naji Mohammed Eissa Director of Banking and Currency Supervision Department
// Copy to // The Governor The Deputy Governor To the Director of the Audit Department, Central Bank of Libya To the Director of Payments and Settlements Department, Central Bank of Libya To the Director of Legal Affairs Department, Central Bank of Libya To the Director of Accounts Department, Central Bank of Libya To the Director of Information Technology Department, Central Bank of Libya To the Director of the Libyan Credit Information Center, Central Bank of Libya To the Director of Banking Operations Department, Central Bank of Libya To the Director of the Libyan Financial Information Unit, Central Bank of Libya To the General Manager of the Customs Authority To the Deputy Director of Banking and Currency Supervision Department for Inspection Affairs To the Deputy Director of Banking and Currency Supervision Department for Office Supervision and Compliance Follow-up To the Deputy Director of Banking and Currency Supervision Department for Islamic Banking Affairs To the Banking Supervision Departments - Benghazi To the Heads of Compliance Units in Banks "For Follow-up"
Banking Follow-up and Compliance Department Copy / Al-Kilani / Circular 2024
Phone: +218 21 333 3591, Fax: +218 21 444 1488, www.cbl.gov.ly, swift code: CBLJLYLX