Regulatory Alerts2023-07-12
Central Bank of Libya Circular 11/2010: Adoption of New Periodic Financial Data Forms for Commercial Banks
The Central Bank of Libya issued Circular 11/2010 to mandate the adoption of new standardized periodic financial reporting forms, including monthly balance sheets, income statements, and cash flow statements, for all commercial banks. The directive requires banks to update their core banking systems, such as FlexCube, to generate these reports using unified account codes within a six-month implementation period. This regulatory change aims to enhance risk management, ensure compliance with monetary survey requirements, and align reporting with updated banking supervision standards.
Share