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.
Central Bank of Libya
P.O. Box 1103 | Telegram Address: Misrifiya - Tripoli - Libya
Reference: 1 R M N /804
Circular Letter | R M N No. (2013/199)
Date: 01 Safar 1435 AH
Corresponding Date: December 4, 2013 AD
To: General Managers of Commercial Banks
To: Presidents of Interim Administrative Committees of Commercial Banks
To: Director General - Libyan External Bank
Greetings,
Based on the provisions of Law No. (1) of 2005 concerning Banks, and its amendments.
And referring to the letter from the Governor of the Central Bank of Libya No. 1/28 dated August 28, 2011, regarding the freezing of accounts of public entities and companies wholly or partially owned by the Public Treasury until further notice.
And following our circular letter No. (2012/139) dated May 23, 2012, which confirmed the instructions of the Governor regarding the freezing of bank accounts for public entities and companies.
And referring to the letter from the Chairman of the Budget and Financial Planning Committee at the General National Congress, addressed to the Honorable Minister of Finance, with a copy to the Governor, which is expected to comply with not disposing of any financial amounts outside the state's approved general budget allocations under Law No. (20) issued by the National Transitional Council, and in case of requests or necessary needs for these financial amounts, it requires obtaining prior approval from the legislative body in the state, namely the General National Congress.
Therefore, and based on the instructions of the Governor of the Central Bank of Libya, you are again requested to strictly comply with and adhere to the instructions issued by the Central Bank of Libya, as referenced above, and banks bear full responsibility in case of non-implementation.
Peace, mercy, and blessings of God be upon you.
Abduljadid Mohammed Al-Ma'qouri
Director of the Banking and Currency Supervision Department / Acting
Copy to: The Governor
Copy to: The Deputy Governor
Copy to: The Chairman of the Budget and Financial Planning Committee at the General National Congress
Copy to: The Undersecretary of the Ministry of Finance
Copy to: The Banking Supervision and Credit Monitoring Department
Phone: +218 21 333 3591, Fax: +218 21 444 1488
www.cbl.gov.ly, SWIFT Code: CBLJLYLX