Regulatory Alerts2022-06-07
Central Bank of Libya Circular Letter (206-2017)
The Central Bank of Libya mandates commercial banks to require all public and private entities opening letters of credit to submit a valid certificate from the General Authority for Social Security Fund confirming compliance with statutory subscription fees. This directive operationalizes Law No. 20 of 1999 by integrating Social Security Fund compliance into existing foreign currency and guarantee settlement procedures for LC transactions. Banks must enforce this documentation requirement during the LC opening process to ensure consistent regulatory adherence across Libyan financial institutions.
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