Regulatory Alerts2022-06-07
Added · Updated
Central Bank of Libya Circular No. 117-2017 Regarding the New Mechanism for Covering Documentary Credits
Effective July 1, 2017, commercial banks must implement a new mechanism for covering documentary credits by maintaining approved amounts in their accounts with the Central Bank of Libya. Banks are required to open credits immediately upon receiving addition notifications in their foreign currency accounts and to settle due amounts through the designated system by uploading the specific SWIFT message and the payment request message. This directive mandates strict adherence to these operational procedures for all commercial banks and the Libyan Foreign Bank.
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