Regulatory Alerts2022-06-07
Central Bank of Libya Circular Letter No. 13/2015 on Suspension of Financial Supervision Program and Freezing of State Accounts
The Central Bank of Libya, via Circular Letter No. 13/2015 dated January 21, 2015, directs all commercial banks and the Libyan Foreign Bank to implement Decision No. 23 of 2015 issued by the Head of the Libyan Audit Bureau. The decision suspends the existing Valid Financial Supervision Program and mandates an immediate freeze on current accounts held by government ministries, institutions, and security bodies at commercial banks. Disbursements from these accounts are restricted to transfers into the General Revenue Account, while the Ministry of Finance must halt new budget appropriations and authorizations until full compliance is achieved.
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