Central Bank of Libya Circular Letter No. 91/2013

Central Bank of Libya
P.O. Box 1103 | Telegram Address: Masaribya - Tripoli, Libya

Circular Letter No. ARMN (2013/91)
Date: 19 Jumada II 1434 AH ...
Corresponding to: April 29, 2013 AD ....

Reference: ARMN / 804 /

To the General Managers of Commercial Banks,
To the Heads of Temporary Administrative Committees for Commercial Banks,
To the General Manager - Libyan External Bank

Greetings,

This Bank has received a letter from the Deputy Minister of Planning in the Libyan Transitional Government, bearing Reference No. 2256/2.8 dated April 22, 2013, addressed to the Deputy Governor of the Central Bank of Libya. The letter references a previous letter from the Deputy Minister of Planning bearing Reference No. (495/8.2) dated January 31, 2013, regarding the suspension of Decision No. (191) of 2010, and refers to the ratified Cabinet Resolution No. (95) of 2013 concerning the formation of a committee chaired by His Excellency the Minister of Planning to study settling financial dues for companies executing development projects via the open letter of credit method. The committee recommended continuing the use of open letters of credit under Decision No. (191) of 2010, and referring to the presentation of the committee's work results in the Cabinet meeting on April 17, 2012, which accepted the committee's recommendations and advised implementing them, the letter requests directing instructions to commercial banks to complete monthly settlements for amounts disbursed in recent periods.

As we enclose herewith a copy of the aforementioned letter from the Deputy Minister of Planning,
We hope for your review and taking necessary action in this regard.

Peace, mercy of God, and blessings be upon you,
"Abdul Magid Mohammed Al-Maqouri"

Acting Director of Banking and Currency Supervision Department

Copies to:
To the Governor,
To the Deputy Governor,
To the Deputy Minister of Planning,
Banking Follow-up and Credit Control Department

M/Mohammed * 5/

www.cbl.gov.ly swift code:CBLJLYLX fax: +218 21 444 1488 phone: +218 21 333 3591

Ministry of Planning
Libyan Transitional Government

Date: 14/ / AH
Corresponding to: April 22, 2013 AD
Reference No.: 2256/2.8

Deputy Governor's Office
2013-04-23 Registration No. / ٢٢٩

Deputy Governor's Office
Issued
2013-04-24 Registration No. / ٢٦٠

To the Honorable: Chairman of the Finance and Planning Committee at the General National Congress,
To the Honorable: Deputy Minister of the Court of Audit,
To the Honorable: Deputies of Ministries in the Transitional Government,
To the Honorable: Chairman of the Public Projects Committee at the Ministry of Housing and Utilities,
To the Honorable: Chairman of the Administrative Committee for the Public Transport Projects Execution Agency,
To the Honorable: Chairman of the National Authority for Monitoring Implementation of the Chemical Weapons Convention,
To the Honorable: Deputy Governor of the Central Bank of Libya

Peace, mercy of God, and blessings be upon you.

Referring to the letter from the Deputy Minister of Planning bearing Reference No. (495/8.2) dated January 31, 2013, regarding the suspension of Decision No. (191) of 2010, and referring to the ratified Cabinet Resolution No. (95) of 2013 concerning the formation of a committee chaired by His Excellency the Minister of Planning to study settling financial dues for companies executing development projects via the open letter of credit method, which recommended continuing the use of open letters of credit under Decision No. (191) of 2010, and referring to the presentation of the committee's work results in the Cabinet meeting on April 17, 2012, which accepted the committee's recommendations and advised implementing them.

Therefore.. we inform you of the availability to work with open letters of credit under Decision No. (191) of 2010, taking into account the following notes:

1. Amend Article (7) of the Decision regarding follow-up of open letters of credit by removing periodic meetings, granting the committee authority to stop disbursements to non-compliant entities for monthly settlements, and paying a fixed allowance to committee members from their respective entities via Cabinet resolution.

Furthermore, we instruct the Central Bank of Libya to direct its instructions to commercial banks to complete monthly settlements for amounts disbursed in recent periods.

We pray to God for your success and prosperity.
Peace, mercy of God, and blessings be upon you.

Dr. Abdul Latif
Deputy Minister of Planning
General Administration for Budget and Plans Supervision
2013-04-25 Registration No. / 387

To the Council of Ministers,
To the Minister,
To the Assistant Deputy Minister.
Office / The Mufti.
General Circular File.
Dr. Abdul Latif

M/Mohammed * 5/