Regulatory Alerts2022-06-07
Central Bank of Libya Circular Letter No. 2013/199
The Central Bank of Libya, through Acting Director Abduljadid Mohammed Al-Ma'qouri, issued Circular Letter No. 2013/199 to reinforce the mandatory freezing of bank accounts for public entities and companies wholly or partially owned by the Public Treasury. The directive requires commercial banks to strictly adhere to prior legislative approval from the General National Congress for any financial disbursements outside the approved state budget allocations under Law No. (20) of 2013, as stipulated in the Governor's August 2011 directive and May 2012 circular. Banks bear full legal responsibility for any non-compliance with these freezing and approval requirements, ensuring that all financial transactions align with the National Transitional Council's budgetary framework.