Central Bank of Libya Periodic Letter No. 48/2014 on Transfers of Global Airline Companies Operating in Libya

Central Bank of Libya
P.O. Box 1103 | Telegram Address: CBL - Tripoli - Libya

Reference: 804.
Periodic Letter [CBL No. 48/2014].
Date: 29 Jumada al-Akhir 1435 AH.
Corresponding to: 29 April 2014 AD.

To the General Managers of Banks
To the Heads of Administrative Committees at Banks To the Governor - Libyan Foreign Bank

Greetings,

Subject: Transfers of Global Airline Companies Operating in Libya

Based on the provisions of Law No. (1) of 2005 regarding Banks, amended by Law No. (46) of 2012.
And with reference to Circular [CBL No. 2012/11] issued on 28 March 2012, regarding the approval of the Governor of the Central Bank of Libya to grant authorization to commercial banks to resume processing applications for transferring surplus ticket sales and tourism services of global airline companies operating in Libya, without prior reference to the Central Bank of Libya, subject to compliance with providing supporting documents required by our Periodic Letter No. (2008/53) issued on this matter.

In the context of regulating transfers of foreign companies operating in Libya, we inform you of the instructions of the Governor of the Central Bank of Libya regarding the cancellation of authorities granted to banks under the aforementioned Circular [CBL No. 2012/11], and subjecting all transfers of global airline companies operating in Libya to prior approval by the Central Bank of Libya, whereby banks shall refer applications to the Banking and Currency Supervision Department accompanied by original copies of supporting documents, as follows:

1. A certificate confirming the payment of statutory taxes, with the net amount to be transferred after deducting the due tax noted on its reverse, each time the company submits a transfer application.
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2. Approval from the Director of the Air Transport Department at the Civil Aviation Authority for transferring the airline company's dues, specifying the amount and period requested for transfer, each time the company submits a transfer application.
3. Form (30/3) regarding the statement of ticket sales and returns, after verification of its certification by the Regional Manager and the Company's Legal Auditor.
4. Form (A.N.J) certified by the legal auditor of the operating airline company, and complete with the postal stamp of the Union of Accountants and Legal Auditors.

Accordingly, you are requested to strictly adhere to the above provisions, with the obligation to submit a monthly statement to the Banking and Currency Supervision Department on a compact disc (CD), showing the volume and purposes of transfers executed for this purpose, in accordance with established practice.

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

Abdulmajeed Mohammed Al-Maqouri
Director of Banking and Currency Supervision Dept. (Acting)

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Copies to:

• The Governor
• The Deputy Governor
• The Auditor General's Office.
• The Director of the Air Transport Department at the Civil Aviation Authority.
• The Director of Legal Affairs Dept. - Central Bank of Libya.
• The Director of Accounts Dept. - Central Bank of Libya.
• General Managers of Central Bank of Libya branches (Benghazi - Sabha - Sirte).
• To the Banking Follow-up and Compliance Department.
• To the Data and Statistics Department.
• C.Q. 2014 AD - Abdulhamid.

Phone: +218 21 3333591, Fax: +218 21 444 1488, www.cbl.gov.ly, SWIFT code: CBLJLYLX ---