Regulatory Alerts2022-06-07
Central Bank of Libya Circular Letter (11-2017)
The Central Bank of Libya issued Circular Letter (11-2017) mandating commercial banks to strictly utilize the Electronic Clearing System (ECC) for check collections, reducing the processing duration to 24 hours. The directive requires full compliance with established regulatory rules and operational guidelines, explicitly stating that penalties will be imposed on institutions failing to adopt the system within the stipulated timeframe. Issued by Deputy Director Abdul Hafeeth Saad Tarbil on 17 January 2017, the circular applies to all commercial banks, their temporary administrative committees, and the Libyan Foreign Bank.
Share