Regulatory Alerts2023-07-12
Central Bank of Libya Circular 13/2017: Executive Procedures and Controls for Transferring Expatriate Workers' Salaries in Foreign Currency
The Central Bank of Libya issued Circular 13/2017 to establish executive procedures and controls for transferring expatriate workers' salaries in foreign currency through the electronic banking system. The circular mandates that private commercial banks verify complete, ministry-certified documentation—including authenticated employment contracts, valid residence permits, and tax clearance—before processing monthly transfers capped at half the worker's salary. Banks must open dedicated foreign currency accounts, issue international debit cards or direct remittances, and enforce periodic inspections with statutory penalties for non-compliance under Law No. 1 of 2005.
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