Central Bank of Libya

P.O. Box 1103 Telegram Address: CentralBankLibya - Tripoli - Libya

Circular No. (5 / 2024) Date: 8 Ramadan 1445 AH Corresponding to: 2024/3/19

Gentlemen / General Managers of Banks

After greetings,,,

Based on the provisions of Law No. (1) of 2005, concerning Banks and its amendment, and on the supervisory and regulatory role exercised by the Central Bank of Libya over banks in accordance with the provisions of the aforementioned law..

We inform you that the Central Bank of Libya received a letter from Mr. Director of the Presidential Affairs Office of the Libyan House of Representatives bearing the reference number (P.A.O. 377.2024) dated 2024/3/17, whereby a photocopy of the Decision of Mr. President of the House of Representatives No. (15) of 2024 issued on 2024/3/14, regarding imposing a tax on the official exchange rate, was referred for kindly implementing the decision.

As we refer to you the Decision of Mr. President of the House of Representatives No. (15) of 2024 mentioned above, regarding imposing a fee on the exchange rate temporarily, you are requested to take all necessary procedures to implement what is contained therein, and facilitate foreign currency transaction procedures including opening letters of credit for all purposes and for all goods and services, and personal purposes, in accordance with the controls and instructions issued by the Central Bank of Libya in this regard, along with submitting a declaration in which the customer commits to his acceptance of the price plus the tax.

And peace be upon you

Hamza Ashour Al-Juaidi Deputy Director of the Banking and Currency Control Department for Office Control Affairs and Compliance Follow-up

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Copy to // Mr. Governor Mr. Deputy Governor Mr. Director of the Presidential Affairs Office of the Libyan House of Representatives Mr. Director of the Banking and Currency Control Department Mr. Director of the Legal Department Central Bank of Libya Mr. Director of the Accounts Department Central Bank of Libya Mr. Director of the Information Technology Department - Central Bank of Libya Mr. Director of the Technical Center for Statistical Information - Central Bank of Libya Mr. Director of the Banking Operations Department Central Bank of Libya Mr. Director of the Libyan Financial Information Unit - Central Bank of Libya Mr. Deputy Director of the Banking and Currency Control Department for Inspection Affairs Mr. Deputy Director of the Banking and Currency Control Department for Islamic Banks Affairs Mr. Deputy Director of the Banking and Currency Control Department for Banking Control - Benghazi Gentlemen/ Heads of Compliance Units in Banks "Follow-up" Banking Evaluation and Compliance Monitoring Department

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

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State of Libya

Libyan House of Representatives

Presidential Office

Date: 2024.03.17 AD Ref: P.A.O. 377.2024

Dear Sir / Governor of the Central Bank of Libya

Good greetings and thereafter,,,

Hereby we refer to you a photocopy of the Decision of the President of the House of Representatives No. (15) of 2024 AD issued on 03 Ramadan 1445 AH corresponding to 2024/03/14 AD, regarding imposing a tax on the official exchange rate, for kindly implementing the decision,

And a copy of this letter of ours to the mentioned entities for kindly being informed and noted.

Accept utmost appreciation and respect And peace, mercy and blessings of God be upon you

Awad Juma Al-Fitori Director of Presidential Affairs Office

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Copy thereof to:

• President of the House of Representatives
• First Deputy President of the House of Representatives
• Second Deputy President of the House of Representatives
• Rapporteur of the House of Representatives
• Planning and Finance Committee of the House of Representatives
• Members of the Committee formed by Decision 105 of 2023 AD
• Head of the House of Representatives Bureau
• Legal Advisor to the Presidential Office
• File of Mr. Jouri Al-Obiam
• J. Al-Arouni Presidential Body and Decisions Affairs Department

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www.parliament.ly Presidential.Affairs@parliament.ly Benghazi - Libya

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State of Libya

Libyan House of Representatives

Libyan House of Representatives

Decisions

Decision of the President of the Libyan House of Representatives No. (15) of 2024 AD Regarding Imposing a Tax on the Official Exchange Rate

House of Representatives

• After reviewing the Constitutional Declaration issued on 3 August AD and its amendments.
• And Law No. (10) of 2014, concerning the Election of the House of Representatives in the Transitional Phase and its amendments.
• And Law No. (4) of 2014 AD concerning the Issuance of the Internal Regulations of the House of Representatives.
• And the State Financial System, Budget, Accounts and Treasuries Law and its amendments.
• And Law No. (15) of 1986 AD concerning Public Debt on the General Treasury.
• And Law No. (1) of 2005 AD concerning Banks and its amendments by Law No. (46) of 2012.
• And Income Tax Law No. (7) of 2010 AD and its amendments.
• And the provisions of Law No. (10) of 2010 AD concerning Customs.
• And the provisions of Commercial Law No. (23) of 2010 AD and its amendments and its executive regulations.
• And Law No. (30) of 2023 AD concerning the Formation of a General Reserve for Public Debt Repayment.
• And the memorandum submitted to us by Mr. Governor of the Central Bank of Libya, dated 03 March/2024 AD.
• And based on the public interest necessities in the state, and the approval of the Finance and Planning Committee, and in our pursuit to work for financial stability in the state.

The following decision is issued:

(Article One) A fee is imposed on the official exchange rate of foreign currencies at a value of 27% for all purposes, provided that the exchange rate is added to this percentage with the possibility of reducing it according to the revenue conditions of the Libyan state during the duration of this decision.

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State of Libya

Libyan House of Representatives

Decisions

(Article Two) Mr. Governor of the Central Bank of Libya is tasked with implementing this decision, by adjusting the selling price of foreign currencies in accordance with this imposed tax, and determining the value added on the sale of those currencies against the Libyan currency, provided that foreign currency is available in all banks operating in Libya.

(Article Three) The revenue realized from the tax fee is used to cover the expenses of financing projects if the need arises, or is added to the resources allocated at the Central Bank of Libya for public debt repayment under House of Representatives Law No. (30) of 2023 AD.

(Article Four) This decision is effective from the date of its issuance until the date 2024/12/31 AD.

Aguila Saleh Issa President of the House of Representatives

Dated 8 Ramadan 1445 AH Corresponding to 18/3/2024 AD