Regulatory Alerts2022-06-07
Central Bank of Libya Circular Letter No. 82/2017
The Central Bank of Libya issued Circular Letter No. 82/2017 to authorize banks to engage inspection companies affiliated with the Libyan Union of Inspection Companies or registered with the Ministry of Economy for verifying imported goods. The directive requires banks to assume full responsibility for selecting these firms, mandates the companies’ strict compliance with Central Bank instructions, and conditions their eligibility on positive Audit Bureau reports confirming no operational impediments. Additionally, the relevant authorities bear legal responsibility for any proven deficiencies or violations by the selected inspection firms.
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