Circular Letter No. 76/2013

Central Bank of Libya P.O. Box 1103 | Telegram Address: Misrifiya - Tripoli - Libya

Reference: R.M/N 716 J.14

Circular Letter No. R.M/N (2013/76) Date: 23 Jumada al-Thani 1434 AH ... Corresponding to: April 04, 2013 AD ....

To: General Managers of Commercial Banks To: Heads of Interim Administrative Committees of Commercial Banks To: General Manager - Libyan External Bank

Greetings...

This Department has received a letter from the Deputy Minister of Finance, bearing Reference No. 595/3.23 dated March 28, 2013, addressed to the Governor of the Central Bank of Libya. The letter references a correspondence from the Director of the Accounts Department at the Ministry of Finance to the Director of Banking Operations at the Central Bank of Libya, Reference No. (2013-383), issued on March 18, 2013, concerning certain commercial banks opening bank accounts for government-affiliated entities from the General Treasury without obtaining prior approval from the Accounts Department of the Ministry of Finance, thereby disregarding the State Financial Law. Accordingly, the Deputy Minister requested the issuance of instructions to all commercial banks operating in Libya to comply with the State Financial Law and refrain from opening any bank accounts for government-affiliated entities from the General Treasury without prior approval.

With reference to our Circular Letter No. R.M/N (2013/8) dated January 16, 2013, which forwarded the letter of the Deputy Minister of Finance in the Transitional Government, bearing Reference No. (019.23.m) dated January 1, 2013, addressed to the Governor of the Central Bank of Libya. That letter referenced Article (14) of the State Financial Law, which "does not permit opening any accounts for government-affiliated entities from the General Treasury without prior approval from the Ministry of Finance," and requested circularizing commercial banks operating in Libya to refrain from opening any accounts for government-affiliated entities from the General Treasury without obtaining prior approval from the Accounts Department of the Ministry of Finance.

Based on the provisions of Circular Letter No. (2009/13) issued on December 1, 2009, which generalized the decision of the Board of Directors of the Central Bank of Libya No. (36) for the year 2009, issued on November 5, 2009, regarding the rules governing the opening of bank accounts in commercial banks.

Therefore, we enclose a copy of the Deputy Minister of Finance's letter dated March 28, 2013, referenced above, for your information, implementation, and execution of the subject matter.

Peace, mercy of God, and blessings be upon you... Abdulmajid Mohammed Al-Mathouri Director of Banking and Currency Supervision Department / Acting

Copies to // To the Governor To the Deputy Governor To the Deputy Minister of Finance To the Banking Follow-up and Compliance Monitoring Department

M. Mohammed / 2

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