Regulatory Alerts2023-07-12
Central Bank of Libya Circular 16/2012
The Central Bank of Libya issued Decision No. 7 of 2012 and Circular 16/2012 to authorize commercial banks to directly process import requests for goods and means of production using foreign remittances without prior Central Bank referral. This directive, grounded in Law No. 1 of 2005 and building on Circulars 4/2012 and 9/2012, mandates that commercial banks implement the decision's provisions immediately upon receipt. The document further specifies compliance procedures for branch managers, customs operations, and relevant financial authorities to ensure seamless execution of foreign exchange remittances for imports.
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