Regulatory Alerts2022-06-07
Added · Updated
Central Bank of Libya Circular Letter No. 3/8/2013
The Central Bank of Libya issued Circular Letter No. 3/8/2013 to enforce a directive from the Ministry of Finance requiring commercial banks to obtain prior approval before opening accounts for government-funded entities. This mandate stems from Article 14 of the State Financial Law, which prohibits opening such accounts without explicit consent from the Ministry of Finance. The circular instructs bank executives to implement this requirement immediately in accordance with previous regulatory announcements.
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