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.
Central Bank of Libya
P.O. Box 1103 | Telegram Address: Masareebia - Tripoli - Libya
Reference: (R.M./N) 804
Circular Letter No. (2017/82)
Date: 29 Jumada al-Thani 1438 AH
Corresponding to: April 26, 2017 AD
To the General Managers of Banks
To the Heads of Temporary Administrative Committees for Banks
To the General Manager - Libyan Foreign Bank
Greetings,
Based on the provisions of Law No. (1) of 2005 concerning Banks, and its amendments, and on the supervisory and monitoring role exercised by the Central Bank of Libya over banks, in accordance with legal provisions.
In reference to
Circular No. (2017/2) issued on 01/02/2017 AD, regarding the regulations governing the use of foreign currency for opening sustainable letters of credit, Item 2, Condition 4:
Submission of an inspection and survey certificate issued by one of the international inspection companies listed in the circular.
In reference to
The meetings held with the Inspection and Consumer Protection Administration at the Ministry of Economy, the Libyan Union of Inspection Companies, and relevant authorities, regarding rewarding inspection companies for submitting inspection and survey certificates to companies approved to open sustainable letters of credit for supplying goods, with the Inspection and Consumer Protection Administration at the Ministry of Economy and the Libyan Union of Inspection Companies and their affiliated authorities bearing legal responsibility in case of proven deficiencies, violations, or exceedances according to the instructions in the aforementioned circular.
We inform you that
You may deal with inspection companies affiliated under the Libyan Union of Inspection Companies and companies registered with the Inspection and Consumer Protection Administration at the Ministry of Economy and relevant authorities, which have the capacity to conduct international inspection and survey of the contents to be supplied to the local market, subject to the following regulations:
- Banks bear full responsibility when selecting inspection companies, and relevant authorities must verify the company's reputation, establishment procedures, and expertise in inspection and survey.
- Companies commit to fully complying with the instructions issued by the Central Bank of Libya regarding this matter.
- Reports from the Audit Bureau indicate no impediments restricting the company's operations.
Peace, mercy of God, and blessings be upon you....
Dr. Mukhtar Al-Hadi Al-Tawil
Director of Banking and Currency Supervision Department
Mr./Ms.:
Mr./Ms.:
Mr./Ms.:
Mr./Ms.:
Mr./Ms.:
Mr./Ms.:
Mr./Ms.:
Mr./Ms.:
Mr./Ms.:
Mr./Ms.:
Mr./Ms.:
Mr./Ms.:
Reference No. / Part / Circular Letters 2017/82
www.cbl.gov.ly, SWIFT Code: CBLJLYLX, Fax: +218 21 444 1488, Phone: +218 21 333 3591