Regulatory Alerts2023-07-12
Added · Updated
Central Bank of Libya Circular No. 4/2012: Activation of Goods and Production Means Imports via Foreign Remittances
The Central Bank of Libya issued Circular No. 4/2012 to authorize commercial banks and their temporary administrative committees to process foreign remittances for importing goods and production means. The circular establishes a maximum annual limit of $500,000 USD per company, mandates a 25% cash guarantee in Libyan Dinars, and requires strict compliance with Ministry of Economy import priorities, KYC policies, and anti-money laundering controls. It further obligates banks to submit weekly settlement reports and holds non-settling entities legally accountable for delays beyond the stipulated four-month period.