Regulatory Alerts2022-06-07
Central Bank of Libya Circular Letter No. 181/2017
The Central Bank of Libya issued Circular Letter No. 181/2017 to enforce Presidential Council Decrees Nos. 378 and 379, requiring commercial banks to verify customs guarantees and economic monitoring approvals before opening or releasing letters of credit for private sector imports. The directive mandates that banks ensure suppliers deposit equivalent tax values as financial guarantees with the Customs Authority and obtain prior approval for sales prices and distribution mechanisms. Banks are instructed to implement these requirements immediately, coordinate with the Ministry of Economy and Industry, and ensure compliance across all relevant departments to prevent unauthorized customs clearance.
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