Regulatory Alerts2022-06-07
Central Bank of Libya Circular Letter No. 77/2015
The Central Bank of Libya issued Circular Letter No. 77/2015 to mandate that all commercial banks issuing standby letters of credit for peaceful imports must require a Proof of Shipment certificate from a specialized international inspection company. The circular clarifies that this inspection verifies document validity and confirms the physical existence of goods transported on named vessels, while permitting banks to verify shipments electronically via carrier websites using bill of lading or container numbers. By enforcing these documentation and verification standards, the regulator aims to safeguard public interest and preserve Libya’s foreign exchange reserves.
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