Central Bank of Libya Circular Letter No. 3/8/2013

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

Reference: 10/RM/716/J14 Circular Letter No. (3/8/2013) Date: 4 Rabi' al-Awwal 1434 AH... Corresponding to: January 16, 2013 AD...

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

Greetings,

We have received from this administration a letter from the Deputy Minister of Finance of the Transitional Government, bearing reference number M. 23.019 dated January 1, 2013 AD, addressed to the Governor of the Central Bank of Libya. This letter refers to Article (14) of the State Financial Law, which "does not permit opening any accounts for entities funded by the Public Treasury except after obtaining prior approval from the Ministry of Finance." Accordingly, it requests that a circular be issued to commercial banks operating in Libya prohibiting the opening of any accounts for entities funded by the Public Treasury without prior approval from the Accounts Department of the Ministry of Finance.

Based on the provisions of Circular No. (2009/13) issued on December 1, 2009, which disseminated the decision of the Central Bank of Libya Board of Directors No. (36) of 2009, issued on November 5, 2009 AD, regarding the rules governing the opening of bank accounts at commercial banks.

Therefore, we forward to you herewith a copy of the aforementioned letter from the Deputy Minister of Finance for your information, compliance, and implementation.

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

"Dr. Muhammad Abdul Jalil Abu Sineena" Director of the Banking and Currency Supervision Department

Copy to: The Governor Copy to: The Deputy Governor Copy to: The Deputy Minister of Finance Copy to: Banking Follow-up and Compliance Monitoring Department Ref: Amal 22/2/Circular 2/2013

Phone: +218 21 3591 333 Fax: +218 21 444 1488 Swift Code: CBLJLYLX www.cbl.gov.ly

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Libyan Transitional Government Ministry of Finance Date: 1/1/2013 Number: 019.23.M

To: The Deputy Governor of the Central Bank of Libya

Greetings,

With reference to Article {14} of the State Financial Law, which does not permit opening any accounts for entities funded by the Public Treasury except after obtaining prior approval from the Ministry of Finance.

Therefore, we hope you will issue a circular to commercial banks operating in Libya prohibiting the opening of any account for a government entity without approval from the Accounts Department of the Ministry of Finance.

Accept our highest respect and greetings.

Peace be upon you,

Mu'azzim Ghayth Sulayman Deputy Minister of Finance

Copies to: / Minister of Finance / Director of the Treasury Department / Director of Banking Operations Department / Director of Accounts Department Revenue Department of the Ministry