Central Bank of Libya

P.O. Box 1103 Telex Address: Misratabya - Tripoli - Libya

Ref: 804/N M R A

Circular No. R M N (2017/117) Date: 13 Ramadan 1438 AH Corresponding Date: June 08, 2017 AD

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

Greetings...

Based on

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

We inform you

That the instructions of the Central Bank of Libya have been issued stating that, effective from July 01, 2017 AD, the new mechanism regarding the coverage of documentary credits will be implemented. After your banks obtain approval from the Central Bank of Libya for coverage requests through the Bank Coverage Committee for obligations with foreign correspondents, the approved amounts will be retained in your banks' accounts with the Central Bank of Libya. Your banks will proceed to open the credits immediately upon receiving addition notifications from the Central Bank of Libya to your foreign currency accounts. The amounts due on these credits during the processing of documents will be transferred by submitting coverage requests through the approved system, provided that the specific SWIFT message for opening the documentary credit and the payment request message from the issuing bank requiring coverage are uploaded to the system.

Therefore, it is requested

That this matter receive the required attention and compliance with the instructions issued by the Central Bank of Libya in this regard.

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

Dr. Mukhtar Al-Hadi Al-Tawil Director of Banking and Currency Supervision Department

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Prepared / For Information

• Director of Banking Operations Department at the Central Bank of Libya — For Information
• Director of Accounts Department at the Central Bank of Libya — For Information
• Head of the Bank Coverage Committee for Accounts with Foreign Correspondents at the Central Bank of Libya — For Information
• Inspector of the Central Bank of Libya (Saiqa - Benghazi - Sirte) — For Information
• Deputy Director of Banking and Currency Supervision Department for Office Supervision and Compliance Monitoring — For Information
• Deputy Director of Banking and Currency Supervision Department for Field Supervision, Legislation, and Policies — For Information
• Deputy Director of Banking and Currency Supervision Department for Field Supervision, Legislation, and Policies — For Information
• Commercial Services Secretariat, Follow-up — For Information
• Follow-up — For Information
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• Follow-up

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