Regulatory Alerts2022-06-07
Circular No. 71/2015
The Central Bank of Libya mandates commercial banks to prioritize opening documentary credits for industrial companies importing raw materials and operational supplies, ensuring timely foreign currency coverage upon full document verification. This directive addresses observed delays in processing these credits that have hindered industrial firms from meeting external obligations and operating local factories at required efficiency levels. Banks are held fully responsible for any subsequent delays in processing coverage requests, reinforcing strict compliance with the banking monitoring frameworks under Law No. 1 of 2005.
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