Regulatory Alerts2024-02-01
Central Bank of Libya Circular No. 29/2023
The Central Bank of Libya issued Circular No. 29/2023 to modify the targeted sectors eligible for partial coverage when opening Letters of Credit. The circular updates specific requirements across five key industries—manufacturing, agriculture, healthcare, transport, and oil—and mandates compliance with an attached schedule detailing eligible machinery, raw materials, and equipment. This directive supersedes previous circulars from 2022 and 2023, establishing a biannual review process to ensure the list remains current with operational needs.
Central Bank of Libya P.O. Box 1103 | Telegram Address: MasrafLibya - Tripoli, Libya
Circular No. 29/2023 (Banking & Currency Supervision Dept.) Date: 6 Jumaada al-Thani 1445 AH Corresponding to: 2023/12/19
To the General Managers of Banks, Greetings,
Based on the provisions of Law No. (1) of 2005 concerning Banks and its amendments, and the supervisory and regulatory role exercised by the Central Bank of Libya in accordance with the law. With reference to Circular No. 2022/15 dated 2022/12/19, concerning the regulations governing procedures for opening Letters of Credit. With reference to Circular No. 2023/12 dated 2023/2/26, concerning the amendment of certain regulations governing procedures for opening Letters of Credit. With reference to Circular No. 2023/23 dated 2023/8/7, concerning the request to form a specialized committee to study applications for opening Letters of Credit at banks. We inform you of the issuance of the Central Bank of Libya's instructions regarding the modification of certain targeted sectors for opening Letters of Credit with partial coverage, according to "the attached schedule".
Peace be upon you.
Naji Muhammad Isa Director of Banking and Currency Supervision Department
Copy to // Mr. Governor Mr. Deputy Governor To the Director of the Audit Department, Central Bank of Libya To the Director of Payments and Settlements Department, Central Bank of Libya To the Director of Legal Affairs Department, Central Bank of Libya To the Director of Accounts Department, Central Bank of Libya To the Director of Information Technology Department, Central Bank of Libya To the Director of the Libyan Credit Information Center, Central Bank of Libya To the General Manager of Banking Operations Department, Central Bank of Libya To the Director of the Libyan Financial Information Unit, Central Bank of Libya To the General Manager of Customs Authority To the Deputy Director of Banking and Currency Supervision Department for Office Supervision and Compliance Monitoring To the Deputy Director of Banking and Currency Supervision Department for Inspection Affairs To the Deputy Director of Banking and Currency Supervision Department for Islamic Banking Affairs To the Banking Supervision Departments - Benghazi To the Heads of Compliance Units at Banks "for follow-up" Banking Committee and Supervision Department Section P.O. Box / Jad / Circular 2023
Tel: +218 21 333 3591, Fax: +218 21 444 1488, www.cbl.gov.ly, SWIFT Code: CBLJLYLX
Central Bank of Libya P.O. Box 1103 | Telegram Address: MasrafLibya - Tripoli, Libya
Schedule showing the needs of targeted sectors for opening Letters of Credit with partial coverage
Industry Sector:
- Factory preparation machines and equipment.
- Raw materials for factories.
- Cement and asphalt industry mixers.
- Stone crushers (gravel quarries).
- Cold storage units for goods.
Agriculture Sector:
- Agricultural machinery and equipment.
- Poultry and cattle breeding pens.
Health Sector:
- Specialized medical equipment and devices.
- Raw materials related to analysis laboratories.
Transport Sector:
- Aircraft and spare parts.
Oil Sector:
- Machinery, equipment, and spare parts used in oil operations.
- This list is updated periodically every six months or as needed.
Tel: +218 21 333 3591, Fax: +218 21 444 1488, www.cbl.gov.ly, SWIFT Code: CBLJLYLX