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.
Central Bank of Libya P.O. Box 1103 | Postal Address: Tripoli - Libya
Reference: Erm/No (154) 4/823/( Circular Letter No. Erm/No (2017/ 11) Date: 19 Rabi' al-Thani 1438 AH Corresponding Date: 17 January 2017 AD
To the General Managers of Commercial Banks, To the Heads of Temporary Administrative Committees of Commercial Banks, To the General Manager – Libyan Foreign Bank
Greetings,
Based on the provisions of Law No. (1) of 2005 concerning Banks, and its amendments, and on the supervisory and monitoring role exercised by the Central Bank of Libya over commercial banks in accordance with the provisions of the Law.
And referring to the letter issued by the Director of Payments and Settlements Department at the Central Bank of Libya dated 07/12/2016, which indicated the Electronic Clearing System (ECC) and its operational rules, and that the duration for collecting checks is 24 hours via the system, reducing the previous collection period as stated in our letter No. Erm/No (2014/47) issued on 28/04/2014, which requested directing your banks regarding the stipulated duration for collecting checks via the aforementioned system, in accordance with the regulatory rules booklet and policy and procedures manual.
Therefore, you are requested to strictly comply with operating the aforementioned system in accordance with the issued regulatory rules, and in case of non-compliance, penalties will be imposed on banks that delay operating it.
Peace, mercy of Allah, and blessings be upon you,
Abdul Hafeeth Saad Tarbil Deputy Director of Bank and Currency Supervision Department For Office Supervision and Compliance Monitoring Affairs
Copies to: His Excellency the Governor The Director of Bank and Currency Supervision Department The Director of Legal Affairs Department – Central Bank of Libya The Director of Audit Department – Central Bank of Libya The Director of Payments and Settlements Department – Central Bank of Libya The Directors of Operations Department (Misrata) – Central Bank of Libya The Managers of Central Bank of Libya Branches (Sirte, Sabha, Benghazi) The Heads of Compliance Units in Commercial Banks – For Follow-up Press Monitoring and Compliance Department
www.cbl.gov.ly, SWIFT Code: CBLJLYLX, Fax: +218 21 444 1488, Phone: +218 21 333 3591