Central Bank of Libya

P.O. Box 1103
Telegram Address: Central Bank of Libya - Tripoli - Libya

Reference: MRN 804

Circular No. MRN (2/2013)

Date: 29 Sha'ban
Corresponding Date: February 10, 2013 AD

To:
General Managers of Commercial Banks
Heads of Temporary Administrative Committees of Commercial Banks General Manager of the Libyan Foreign Bank

Protocol

Based on the provisions of Law No. (1) of 2005 concerning Banks and its amendments;

With reference to our periodic letter MRN No. (2012/116) issued on 29/4/2012, regarding the settlement of dues owed to insurance companies abroad;

With reference to Circular MRN No. (2012/14) issued on 9/5/2012, regarding the settlement of external dues owed by companies affiliated with the telecommunications sector;

With reference to Circular MRN No. (2012/19) issued on 13/10/2012, regarding direct foreign transfers for industrial purposes, which stated in its first paragraph: "Commercial banks are prohibited from executing requests submitted by industrial companies in Libya for the supply of raw materials and operational supplies, and spare parts using direct foreign transfers within the limit of (10%) of the value of the Letters of Credit that the company opens annually with the bank, either in a lump sum or in installments."

With reference to Circular MRN No. (2013/1) issued on 2/1/2013, through which the decision of the Governor of the Central Bank of Libya No. (1) of 2013 was transmitted, concerning the regulation of dealing in foreign currency and determining the authorities for executing foreign transfers for various purposes.

And in response to requests received by the Central Bank of Libya from certain entities for reconsideration of the transfer ceiling specified in the aforementioned decision of the Governor of the Central Bank of Libya No. (1) of 2013 (including insurance companies, the Steel Company, the General Electricity Company, companies affiliated with the Ministry of Communications and Information Technology, public companies affiliated with the oil and gas sector, and cement manufacturing companies), as well as requests to exempt certain companies from Paragraph (2) of Article No. (1) of the aforementioned Governor's decision.

And considering the observations of the Banking and Currency Supervision Department regarding the frequent receipt of requests from industrial entities, submitted by commercial banks operating in Libya, seeking approval to execute foreign transfers of various amounts for the purpose of supplying operational materials and raw materials.

Therefore, and based on the approval of the Governor of the Central Bank of Libya, we inform you that the following has been decided:

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(1) Permission is granted to the companies listed below to execute the foreign transfers referred to in Article (1) of the Governor's Decision No. (1) of 2013, without being bound by the maximum limit for transfer specified in the Decision. The concerned companies are:

• Public companies affiliated with the oil and gas sector
• Insurance companies
• The Steel Company
• The General Electricity Company
• Public companies affiliated with the Ministry of Communications and Information Technology
• Subscriptions of airlines, whether Libyan Airlines or African Airlines (IATA)
• Cement manufacturing companies

(2) Public administrative units and public sector companies are not required to obtain the approval of the relevant Minister.

(3) Direct foreign transfers for private companies for industrial purposes shall continue to be executed in accordance with what was stated in the first paragraph of Circular MRN No. (2012/19).

(4) Permission is granted to execute requests submitted by various public and private institutions, or natural persons, to transfer their funds in foreign currencies according to the authorities contained in Article (1) of the Governor's Decision No. (1) of 2013.

(5) Commercial banks are authorized to approve the execution of foreign transfers against requests submitted by private sector companies to supply (non-commercial purpose) small-value supplies, which are shipped via air freight, within the limit of $10,000.00 (ten thousand US dollars) or its equivalent, regardless of any Letters of Credit opened for the purpose of supplying their various urgent needs.

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Dr. Mohamed Abdeljalil Abousnina
Director of the Banking and Currency Supervision Department

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Copies to:

• Mr. / The Governor
• Mr. / The Deputy Governor
• Mr. / The Auditor General's Office Deputy
• Mr. / The Deputy Minister of Economy
• Mr. / The Deputy Minister of Finance
• Mr. / The Deputy Minister of Industry
• Mr. / The Deputy Minister of Oil and Gas
• Mr. / The Deputy Minister of Electricity and Renewable Energy
• Mr. / The Director General of Customs Health
• Mr. / The President of the Union of Chambers of Commerce and Industry
• Mr. / The Director of Central Operations Department - Central Bank of Libya
• Mr. / The Director of Competitions Department - Central Bank of Libya
• Mr. / The Director of Garage Department - Central Bank of Libya
• Mr. / The Director of Research and Statistics Department - Central Bank of Libya
• Mr. / The Director of Legal Affairs Department - Central Bank of Libya
• Mr. / The Director of Central Operations Department - Central Bank of Libya
• Mr. / The Director of Reserves Department - Central Bank of Libya
• Mr. / Managers and Heads of Central Bank of Libya branches (Benghazi - Sabha - Sirte)
• The Banking Follow-up and Credit Accompaniment Department

M. Jamza * 1. M * / M / M. Muzaffar

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