Regulatory Alerts2022-06-07
Central Bank of Libya Circular Letter No. 91/2013
The Central Bank of Libya, through Circular Letter No. 91/2013 dated April 29, 2013, instructs commercial banks to complete monthly settlements for past disbursements following the Ministry of Planning's recommendation to continue using open letters of credit under Decision No. 191/2010. The circular incorporates a Ministry of Planning letter that amends Article 7 by removing periodic committee meetings, granting the oversight committee authority to halt disbursements to non-compliant entities, and establishing fixed allowances for committee members. Commercial banks are directed to implement these monthly settlement procedures immediately upon receipt of the circular and its attached enclosures.
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