Central Bank of Libya

P.O. Box 1103 | Telegram Address: Misrifya - Tripoli - Libya

Reference: CBRN 804/N
Circular CBRN No. (2014/5)
Date: 9 Rabi' al-Awwal 1436 AH
Corresponding to: December 31, 2014 AD

To: General Managers of Commercial Banks
To: Heads of Temporary Administrative Committees in Commercial Banks To: The General Manager, Libyan Foreign Bank

Greetings...

Subject: Regulations Governing Electronic Banking Card Transactions

Based on the provisions of Law No. (1) of 2005 concerning Banks and its amendments, and the supervisory and regulatory role of the Central Bank of Libya pursuant to the provisions of the Law.

And with reference to Circular CBRN No. (16) of 2003 issued on 3/11/2003 regarding granting permission to commercial banks to commence issuing prepaid travel cards.

And to Circular CBRN No. (4) of 2014 issued on 5/11/2014 regarding emphasizing the necessity to adhere to the regulations governing electronic banking card transactions.

And based on the decision of the Governor of the Central Bank of Libya No. (254) of 2014 amending some provisions of Decision No. (1) of 2013 regarding regulating foreign currency transactions and defining the powers to execute external transfers for various purposes, we inform you of the submissions of the Central Bank of Libya which decided to set caps for daily, weekly, and monthly withdrawal processes using electronic cards, as follows:

1. The annual cap for the card is an amount of ($10,000.00) only ten thousand US dollars, or its equivalent in foreign currencies.
2. The daily cap for cash withdrawal from the card through ATMs is an amount of ($200.00) only two hundred US dollars, or its equivalent in foreign currencies.
3. The monthly cap for cash withdrawal from the card through ATMs is an amount of ($5,000.00) only five thousand US dollars, or its equivalent in foreign currencies, without exceeding the annual cap.

Continued ...

www.cbl.gov.ly , swift code:CBLJLYLX , +218 21 444 1488 : Fax , +218 21 333 3591 : Phone

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Central Bank of Libya

P.O. Box 1103 | Telegram Address: Misrifya - Tripoli - Libya

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4. The daily cap for cash withdrawal through point-of-sale (POS) terminals is an amount of ($50.00) only fifty US dollars, or its equivalent in foreign currencies, deducted from the daily balance.

5. The card balance is used for payment through point-of-sale terminals for various purposes.

6. It is not permissible to issue the card to persons other than those who have reached the legal age of majority.

Therefore, you are requested to ensure adherence and take necessary measures to implement the aforementioned instructions, whereby the specialized departments and units in your bank (Audit, Compliance, Anti-Money Laundering) monitor the procedures taken by the card management department in the operation and management of electronic cards, in accordance with all instructions issued by the Central Bank of Libya on this matter, exercising the authorities entrusted to them.

Furthermore, banks will bear all legal responsibilities resulting from their failure to comply with the instructions governing the issuance of electronic banking cards, starting from 1/1/2015 AD, and in case of non-compliance being established, penalties stipulated under the provisions of Law No. (1) of 2005 concerning Banks and its amendment will be applied.

... And peace, mercy, and blessings of God be upon you ...

Abdullah Al-Majid Muhammad Al-Maqouri
Director of Banking and Currency Supervision Department / Acting

For Mr. / The Governor
For Mr. / The Deputy Governor
For Mr. / Director of Legal Affairs Department, Central Bank of Libya.
For Mr. / Director of Payments and Settlements Department, Central Bank of Libya.
To Mr. / General Manager, Al-Sarraqa and Financial Services Company.
To Messrs / Directors of Departments and Units in Sources (Audit, Compliance, Anti-Money Laundering).
To the Data and Statistics Department.
To the Banking Follow-up and Compliance Monitoring Department.
3 Jumada II 1436 AH, Abdullah Al-Majid

www.cbl.gov.ly , swift code:CBLJLYLX , +218 21 444 1488 : Fax , +218 21 333 3591 : Phone ```