Central Bank of Libya Periodic Letter No. 195 (2017)

Central Bank of Libya
P.O. Box 1103, Al-Menzoune, Tripoli, Libya

Reference: R.M/N ( ) 804
Periodic Letter No. RM/N (2017/195)
Date: 28 Rabi' al-Awwal 1439 AH
Corresponding Date: 2017/11/21 AD

To the General Managers of Banks,

Greetings,
This Department has received a letter from the Acting Head of the Administrative Control Authority, Reference No. (3957-1-1), dated 2017/11/12 AD, addressed to the Governor of the Central Bank of Libya. The letter stated that through its monitoring of banking service fees charged by commercial banks, it was observed that commercial banks have significantly increased their service fees for customers, thereby burdening citizens. Furthermore, a considerable disparity was noted in the fee values among commercial banks, and most branches and agencies of these banks have not displayed commission and service prices in a prominent and clear location. This is accompanied by a lack of quality and flexibility in the banking services provided to citizens despite the high prices. The letter further states that these measures constitute a violation of Circular No. (2005/3) issued by the Banking Supervision Department, dated 2005/2/12 AD, concerning the liberalization of banking service prices. This aims to consolidate transparency and competition among banks, leading to the provision of high-quality banking services at reasonable costs. Accordingly, it requests addressing all commercial banks to take the necessary measures to activate the implementation of the aforementioned circular, thereby achieving high-quality banking services at reasonable costs and ensuring the display of commission and service prices in a prominent and clear location across all commercial bank branches and agencies.

In reference to the aforementioned letter from the Acting Head of the Administrative Control Authority, you are requested to take the necessary measures and ensure that commission and service prices are displayed prominently and clearly in all bank branches and agencies. All banks and their branches will be subject to periodic inspection tasks to verify compliance, and failure to comply will result in the application of penalties stipulated under Law No. (1) of 2005 AD regarding Banks and its amendments.

Peace, mercy, and blessings of God be upon you, Abdel Hafeez Masoud Tarbil Acting Director, Supervision of Banks and Currency Department

Copies to:
The Governor
The Acting Head of the Administrative Control Authority The Deputy Director, Supervision of Banks and Currency Department (Supervisory Affairs & Library/Compliance Monitoring) Heads of Compliance Units in Banks (Sequential) Financial Department / Compliance Monitoring

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