Central Bank of Libya Circular 2/2018: Amendments to Fees and Limits on Bank Cards and Remittances for Personal Foreign Currency Sales

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

Reference: CBRN /804
Circular CBRN No. (2018/2)
Date: 28 Rabi' al-Thani 1439 AH
Corresponding Date: 15 January 2018 AD

To: General Managers of Banks

Greetings,

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

And with reference to Circular CBRN No. (2017/1), issued on 01/01/2017 AD, concerning Islamic Banking standards.

And with reference to Circular CBRN No. (2017/3), issued on 01/02/2017 AD, concerning the regulations governing the sale of foreign currency to be disbursed to Libyan household heads for personal purposes for the year 2017 AD.

And with reference to Periodic Letter CBRN No. (2017/153), issued on 08/08/2017 AD, concerning the deduction of the value of foreign currency allocated to Libyan household heads from the household head's current account in local currency at the bank managing the account, and not requiring the household head to deposit the value in cash.

And with reference to Periodic Letter CBRN No. (2017/212), issued on 21/12/2017 AD, concerning your notification that it was decided to disburse foreign currency sales allocations to be given to Libyan household heads valued at (500.00 US Dollars) for each family member, for personal purposes for the year 2018 AD.

We hereby inform you of the issuance of the Central Bank of Libya instructions regarding certain amendments to the commissions and caps applied to the use of bank cards and rapid remittances of all types, issued within the framework of the regulations governing the sale of foreign currency for personal purposes to be disbursed to Libyan household heads, as follows:

First: Commission for issuing and managing international bank cards.

No.	Type of Commission	Commission Value
1	Issuance or renewal of the card (deducted only once) provided the validity of the issued card does not exceed two years	Maximum 75 Dinars
2	Annual commission for card account management	Maximum 24 Dinars
3	Shipping	Maximum 2 Dinars
4	Issuance of replacement card for lost card / Re-issuance	Maximum 100 Dinars
5	Purchase commission via Point of Sale (POS) devices and "International Information" network (Internet)	Maximum 1 US Dollar
6	Cash withdrawal commission from international ATMs per transaction	Maximum 4 US Dollars per 100 US Dollars

It is noted that when calculating the bank's commission for the sale of foreign currency according to the official rate on the day of purchase, an amount of (7.500) Dinars is added for each family member for services, and this is deducted from the local currency current account only once.

Second: Banks shall continue to complete the procedures for selling foreign currency to household heads on accounts previously opened for this purpose and registered in the Household Heads system. The household head must submit a request to purchase foreign currency according to Form No. (2018/1) attached. The household head has full freedom regarding shipping a previously issued card based on the previous account strength, issuing a new card, or making a rapid remittance in accordance with the regulations issued specifically and upon his request.

Third: The card shall be shipped or a rapid remittance made for the household head or one of his adult family members only, deducted from the household head's personal foreign currency account opened for this purpose and upon his request.

Fourth: Banks are committed to the commissions specified for rapid remittances of all types in accordance with the agreement concluded between Western Union or MoneyGram and approved by the Central Bank of Libya, without conflicting with Paragraph (7) of Periodic Letter C.B.R.N. No. (2015/128) issued on 29/11/2015 AD.

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

Fifth: The transfer for rapid remittances issued in US Dollars shall be conducted, and the rapid remittance issued in this currency shall be processed, and the commissions incurred on these remittances shall be calculated and deducted according to the agreement with the two companies (Western Union and MoneyGram) in US Dollars. The specified cap for rapid remittances is (3000) Dollars per single remittance daily, and not exceeding (5) remittances in a single month.

Sixth: The deduction of the commissions specified in Libyan Dinars and referred to in Item First shall be made from the local currency household heads' accounts.

Seventh: Banks are committed to the specified caps for cash withdrawals via ATMs and payments via POS devices as follows:

Classification	Cash Withdrawal Cap	Electronic Payment Cap
Daily	500 US Dollars	2000 US Dollars
Monthly	8000 US Dollars	20000 US Dollars

Eighth: International electronic cards implemented for the sale of foreign currency to household heads shall be issued in US Dollars (the card transaction is in US Dollars) according to Circular (R.M.N. No. 3/2017). The value of household heads' allocations can be shipped onto the same international electronic cards previously issued for this purpose, which have not expired, based on the household head's request. New cards shall not be issued except upon his request.

Ninth: Foreign currency accounts proposed for household heads according to Circular (R.M.N. No. 3/2017) Item Second (means of using foreign currency) shall be used. Owners of these accounts are permitted to transfer to and from other household heads' accounts proposed in US Dollars for this purpose upon the request of the account holder (household head), according to Form No. (2/2018) attached. This is conditional on the transfer process being within the same bank, and these accounts shall be used in accordance with the instructions and regulations contained in this circular. Internal transfer data conducted within this framework shall be entered into the dedicated screen in the Household Heads system. The Bank Supervision Department shall be provided with a detailed weekly report on these remittances. The transfer commission shall be deducted from the household head's Libyan Dinar account in the amount of (10 L.D.) per remittance.

Tenth: Banks are committed to informing their customers of the correct ways to use international electronic cards and how to use them, advertising them, and responding to their inquiries. Banks must provide customer service officers at bank branches, inform customers of the commissions charged by the banks, and advertise them on the notice board approved by the bank's management, as well as publish them on the official website of each bank on the Internet and any other available means.

Therefore, you are requested to give the matter the required attention, and for banks to take the necessary measures to implement the instructions contained in this circular. The specialized departments and units in your banks (Audit, Internal Control, Anti-Money Laundering) shall follow up on the procedures implemented by the specialized departments and units in the matter, in accordance with the instructions issued by the Central Bank of Libya specifically, implementing the competencies entrusted to them. Banks will be subjected to continuous specialized inspection operations. In case of non-compliance, the violating bank shall bear the responsibility resulting therefrom, and the penalties stipulated under the provisions of Law No. (1) of 2005 concerning Banks and its amendment shall be applied against it. The Central Bank of Libya may also stop providing this service to violating banks for what is stated in these instructions.

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

Musbah Ammar Al-Muzawi
Deputy Director of Bank and Currency Supervision Department For Field Supervision, Policies, and Legislation Affairs

To:
Mr. / KIK Court of Audit
Mr. / KIK Administrative Control Authority
Mr. / KIK Ministry of Finance
General Manager / Information and Development Department - Central Bank of Libya Mr. / Director of the Committee for Covering Accounts of Auditors Abroad - Central Bank of Libya Mr. / Director of Legal Affairs Department - Central Bank of Libya Mr. / Director of Accounts Department - Central Bank of Libya Mr. / Director of the Main Financial Information Unit - Central Bank of Libya Mr. / Director of the Household Heads Allocations Project - Central Bank of Libya Mr. / Director of the Central Bank of Libya Branch (Benghazi - Sirte) Mr. / Heads of Compliance Departments and Units in Banks - For Follow-up Head of the Banking Committee chaired by Compliance

Circular 30 April 2018

www.cbl.gov.ly swift code:CBLILYLYXXXX

Form No. (2018/1)
Request to Purchase Foreign Currency
For Citizens for Personal Purposes (Non-Commercial) According to Circular C.B.R.N. No. (2018/1)

Bank: .....................................................
Branch: .....................................................
I: .....................................................
National ID No.: .....................................................
Registration No.: ........................... Passport No.: .....................................................
Date and Place of Birth: ..................................................... Gender: .................. Residential Address: .....................................................
Personal Card No.: .................... Mother's Full Name: .................... Marital Status: .....................................................
Number of Family Members: .................... Resident in: .................... Phone No.: .....................................................
I wish to purchase an amount of foreign currency valued at: .................... US Dollars
To be credited to my account No.: .....................................................
Attached with the following documents: National ID of family members recent

Name of Applicant: .....................................................
Date: ....../....../........
Signature: .....................................................

For use by the bank branch where the applicant is a customer

Name of Specialized Employee: .....................................................
Signature: .....................................................
Date: .....................................................
Internal Audit Office Approval: .....................................................
Signature: .....................................................
Date: .....................................................
Branch Manager Approval
Signature: .....................................................
Date: .....................................................
Stamp: .....................................................

Form No. (2018/2)
Request to Conduct Internal Foreign Currency Remittance For Household Heads' Allocations of Foreign Currency According to Circular R.M.N. No. (2018/2)

Bank:
Branch:
Libyan Dinar Bank Account No.:
US Dollar Household Head Account No.:
I, the Applicant, Household Head: Passport No.:
Date and Place of Birth:
Gender: Residential Address:
I wish to conduct an internal foreign currency remittance in the amount of: US Dollars to the Household Head's US Dollar Account No.:
Full Name of Household Head: Passport No.: Residential Address:
Name of Bank Branch:

Attached with the following documents:
Copy of valid ID proof
Name of Applicant:
Date: / /
Signature:

For use by the bank branch where the applicant is a customer To match signature and verify procedures of the transaction submitted by the applicant Name of Specialized Employee:
Internal Audit Office Approval:
Signature:
Date:
Signature:
Date:
Branch Manager Approval
Signature:
Date:
Stamp: