Regulatory Alerts2022-06-07
Central Bank of Libya Circular Letter No. 3/8/2013 Regarding Prior Approval for Treasury-Funded Accounts
The Central Bank of Libya issued Circular Letter No. 3/8/2013 to enforce Article 14 of the State Financial Law, requiring all commercial banks in Libya to obtain prior approval from the Ministry of Finance’s Accounts Management Department before opening accounts for government-funded entities. This directive, supported by the Ministry of Finance’s January 1, 2013 letter and Circular No. 2009/13, mandates immediate compliance by bank management committees and general managers to ensure consistent treasury account operations. Banks must implement the prior-approval requirement across all branches and report any non-compliant accounts to maintain regulatory alignment.
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