Central Bank of Libya Circular No. 13/2012 on Prepaid Plastic Cards

Central Bank of Libya
Postal Address: P.O. Box 1103, Tripoli, Libya.
Reference: R.M.N / 804
Circular (R.M.N No. 13/2012).
Date: 2 Jumada al-Akhir 1433 AH.
Corresponding: April 23, 2012 AD.

To: General Managers of Commercial Banks
Heads of Temporary Administrative Committees in Commercial Banks
General Manager, Libyan Foreign Bank
General Manager, Sarra Financial Services Company

Greetings...

Subject: Prepaid Plastic Cards

Based on the provisions of Law No. (1) of 2005 regarding Banks.
And with reference to Circular (R.M.N No. 2003/16) issued on November 3, 2003, regarding granting permission to commercial banks to commence issuing prepaid travel cards.
And to Circular Letter (R.M.N No. 2011/191) issued on December 6, 2011, regarding enabling individuals and entities managing foreign currency-denominated accounts at commercial banks to benefit from their foreign currency deposits by withdrawing cash, to meet various legally permitted needs, provided that such accounts are equipped for this purpose.
And our Circular Letter No. (2011/202) issued on December 22, 2011, regarding permitting foreign transfers based on foreign currency-denominated accounts, according to the declarations submitted by their owners for legally permitted purposes.

We inform you of the Governor's approval to resume issuing plastic cards (prepaid value), and granting permission to commercial banks to activate and issue these cards based on foreign currency-denominated accounts managed by individuals at the banks, provided that these accounts are prepared and not under legal restriction or freeze, and have been funded through permitted sources in accordance with the provisions of the Law, and the instructions issued by the Central Bank of Libya specifically.

For follow-up purposes, all banks issuing these cards are requested to provide the Banking and Currency Supervision Department with a monthly statistic on the issuance of these cards and their corresponding values.

Peace, mercy, and blessings of God be upon you...

Dr. Mohamed Abdul Jalil Aboustina
Director, Banking and Currency Supervision Department

To: The Governor
The Deputy Governor
Director of Central Operations Department, Central Bank of Libya
Managers of Sarra Branches (Benghazi - Sabha - Sirte)
Operations and Cashiers

Prepared in 2012 by Abdul Magid

www.cbl.gov.ly, swift code: CBLJLYLX, Fax: +218 21 444 1488, Tel: +218 21 3333591