Central Bank of Libya Circular 13/2017: Executive Procedures and Controls for Transferring Expatriate Workers' Salaries in Foreign Currency

Central Bank of Libya
P.O. Box 1103, Al-Uthman Al-Barqi: Misrata, Libya - Tripoli

Reference: Em / N 804
Circular No. R.M.N (2017/13)
Date: 03 Rajab 1439 AH
Corresponding to: 21 December 2017 AD

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**To: General Managers of Banks**

**Subject: Executive Procedures and Controls Regarding the Regulation of Transferring Salaries and Dues of Expatriate Workers under Foreign Employment Contracts in Foreign Currency**

After greetings,
Based on the provisions of Law No. (1) of 2005 regarding Banks and its amendments, and the supervisory and regulatory role exercised by the Central Bank of Libya over banks in accordance with the law's provisions.

And referring to Circular Letter No. R.M.N (2012/35), issued on 07/02/2012, regarding the disbursement and transfer of financial dues for foreign workers under foreign employment contracts.

And referring to our Circular Letter No. R.M.N (2016/47) dated 11/01/2016, in which we urgently requested the forwarding of all requests received from private commercial banks regarding transfers for foreign personnel and meeting all conditions according to the controls issued by the Central Bank of Libya, in accordance with the new mechanism via the electronic system for all foreign exchange operations.

And while we emphasize the necessity of adhering to the controls and instructions issued by the Central Bank of Libya, we inform you of the issuance of the following Central Bank of Libya instructions:

### Controls Related to Procedures for Submitting Requests by Expatriate Workers.

**Submitting a complete file from the transfer applicant (the expatriate) via the system prepared for this purpose by the Banking and Currency Supervision Department, for review, which must include the following documents:**

1. A certified statement from relevant ministries under whose jurisdiction the expatriate's employer falls, confirming the validity of its procedures and preparation for supervision.

2. A copy of the contract concluded between the employer and the expatriate, authenticated by the Ministry of Labor.

3. A certified statement from authorized persons at the entity where the expatriate works, including the financial auditor if it is a public entity or authorized supervisory entities for self-funded entities, specifying the salary or dues value, confirming continuous employment of the expatriate, contract duration, and a copy of a valid residence permit.

4. A clear and valid copy of the identity document/passport with an entry stamp indicating the purpose of entry to Libya.

5. The maximum permitted monthly transfer shall be equivalent to half the salary, in foreign currency equivalents, as specified by the Ministry of Labor.

6. A valid tax clearance certificate for the expatriate.

7. No transfers shall be processed to/from accounts that have been granted a Bank Code (CBL - Client Key) in the Central Bank of Libya's electronic system.

8. The bank managing the expatriate's account must be notified of the approval granted for transferring their dues.

9. Banks shall open foreign currency accounts for expatriates and issue international debit cards or process direct external remittances deducted from the account balance, to be used in accordance with international controls.

10. The expatriate shall provide an undertaking that no financial transfers will be made except through a single account at one of the bank's branches.

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**Therefore, you are requested to give due attention to this matter, ensure implementation across all relevant branches and departments of your banks, and take necessary measures to apply the aforementioned instructions. The specialized departments and units in your banks shall discuss the implemented procedures according to their delegated authorities, and designated bank branches and relevant departments will be subject to periodic inspection duties to ensure compliance. In case of non-compliance, the penalties stipulated under Law No. (1) of 2005 regarding Banks and its amendments will be applied.**

Peace, mercy of God, and blessings be upon you...

**Mustafa Ammar Al-Muzghibi
Deputy Director of Banking and Currency Supervision
For Field Supervision, Policies, and Legislation Affairs**

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**To: The Governor
To: The Deputy of the Libyan Court of Accounts
To: The Deputy of the Administrative Control Authority
To: The Director of Banking and Currency Supervision at the Central Bank of Libya
To: The Director of Legal Affairs Department at the Central Bank of Libya
To: The Director of Accounts Department at the Central Bank of Libya
To: The Chairman of the Committee for Covering Banks' Accounts with Correspondents Abroad at the Central Bank of Libya
To: The Director of the Central Bank of Libya Branch (Sabha - Benghazi - Sirte)
To: The Director of the Main Financial Information Unit at the Central Bank of Libya
To: The Deputy Director of Banking and Currency Supervision for Office Supervision and Compliance Follow-up
To: The Deputy Director of Banking and Currency Supervision for Field Supervision, Legislation, and Policies
To: The Chairman of the Commercial Compliance Department for Products
To: The Director of Banking Follow-up and Compliance Monitoring**

R. Al-Shibani / 6 Circular Letters
2017/13

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www.cbl.gov.ly, swift code:CBLJLYLX, +218 21 444 1488 : Fax, +218 21 333 3591 : Phone