Regulatory Alerts2022-06-07
Central Bank of Libya Periodic Letter No. 4 (2015)
The Central Bank of Libya mandates commercial banks to notify its Banking and Monetary Supervision Department about entities failing to submit customs declarations for foreign remittances, ensuring settlement within a maximum four-month period. Banks assume full legal responsibility for non-compliance under Law No. 1 of 2005, enforcing prior board decisions that extended settlement timelines for commercial import financing. Strict adherence to these reporting obligations ensures appropriate regulatory measures are applied to all processed foreign remittances.
Central Bank of Libya
P.O. Box 1103 | Telegram Address: Libya - Tripoli
Periodic Letter 1-CBL No. (2015/4)
Date: 15 Rabi' al-Awwal 1436 AH
Corresponding Date: 06 January 2015 AD
Reference: CBL No. 819/
To: The General Managers of Commercial Banks
The Heads of the Interim Administrative Committees of Commercial Banks
The General Manager - Libyan External Bank
In the Name of Allah, the Most Gracious, the Most Merciful
With reference to Periodic Letter 1-CBL No. (2009/5) issued on April 19, 2009, which resulted in the circulation of the Central Bank of Libya Board of Directors' Decision No. (13) of 2009, regarding the amendment of the settlement period for foreign remittance amounts issued for commercial purposes to a maximum of four months, implemented in accordance with the provisions of Periodic Letter 1-CBL No. (2006/13), regarding diversifying payment methods and procedures for financing imports using commercial foreign remittances.
Therefore, you are requested to strictly comply with notifying the Banking and Monetary Supervision Department regarding any entity that failed to submit the necessary customs declarations to complete the required settlement procedures for the foreign remittances it processed, so that appropriate measures may be taken accordingly. Banks shall bear all legal responsibilities in case of non-compliance with the aforementioned instructions, pursuant to the provisions of Law No. (1) of 2005 regarding Banks and its amendments.
....................................................
Abduljadid Muhammad Al-Mathwuri
Director of the Banking and Monetary Supervision Department / Authorized
Copy to: The Governor
Copy to: The Deputy Governor
Copy to: The Branch Managers of the Central Bank of Libya (Benghazi - Sabha - Sirte)
Copy to: The Main Financial Information Unit - Central Bank of Libya
Copy to: The Follow-up and Compliance Monitoring Department
Copy to: The Data and Statistics Department
C.P.A. 2015, Km Abu Bakr Al-Wiqi
www.cbl.gov.ly, swift code: CBLJLYLX, +218 21 444 1488 : Fax, +218 21 333 3591 : Phone