Regulatory Alerts2023-07-12
Circular 1/2016
The Central Bank of Libya issued Circular 1/2016, amending Article 1 of Governor’s Decision No. 254 of 2014 to reduce the annual foreign currency sales limit for prepaid cards from $10,000.00 to $5,000.00 (or equivalent). Commercial banks and their interim administrative committees must implement this change by directing their Audit, Compliance, and Anti-Money Laundering departments to monitor card management operations in strict accordance with Central Bank directives. Banks are required to take all necessary measures to ensure ongoing compliance and report adherence to these updated regulatory instructions.
Central Bank of Libya
P.O. Box 1103, Telegram Address: Misrifiya - Tripoli, Libya
Reference: Ir M N / 804
Circular: Ir M N No. (1/2016)
Date: 27 Rabi' al-Awwal 1437 AH...
Corresponding to: 07 January 2016 AD...
To: The General Managers of Commercial Banks
The Presidents of the Interim Administrative Committees of Commercial Banks
Mr. Al-Haitham Al-Awam, Libyan External Bank
With greetings...
Based on the provisions of Law No. (1) of 2005 concerning Banks, and its amendments,
and on the supervisory and regulatory role of the Central Bank of Libya under the provisions of the Law.
And with reference to Circular Ir M N No. (4) of 2014 issued on
5/11/2014, regarding the emphasis on the necessity of complying with the regulations governing transactions by electronic bank cards.
And to Circular Ir M N No. (5) of 2014, issued on 31/12/2014,
which circulated the decision of Mr. / Governor No. (254) of 2014, regarding the amendment
of the first paragraph of Article Five in Decision No. (1) of 2013, which stipulated
"The limit specified in the first paragraph of Article Five by Decision No. (1) of 2013,
is (10,000.00) dollars or its equivalent in foreign currencies."
Therefore, we inform you of the issuance of Decision No. (5) of 2016 by Mr. / Governor,
regarding the amendment of Article One of Decision No. (254) of 2014 by Mr. / Governor, referred
to above, such that the annual limit specified for foreign currency sales by means of prepaid cards
is (5,000) dollars or its equivalent in foreign currencies.
Therefore, you are requested to comply and take the necessary measures to implement the instructions
mentioned above, so that the specialized departments and units
in your bank (Audit, Compliance, Anti-Money Laundering) monitor the measures taken by the card department
in the Electronic Cards Management and Operation Department, according to what all instructions of
the Central Bank of Libya specifically contain, in implementation of their assigned competencies,
and emphasizing the necessity of complying with the instructions issued by the Central Bank of Libya in this regard,
www.cbl.gov.ly , swift code:CBLJLYLX , +218 21 444 1488 : Fax, +218 21 333 3591 : Phone