Central Bank of Libya

P.O. Box 1103 Telegraphic Address: Central Bank of Libya - Tripoli - Libya

Reference: C.B./N 804

Circular No. (2014/1)

Date: 2 Rabi' al-Thani 1435 AH Corresponding Date: 03/02/2014 AD

To: The Exporters Working for Commercial Banks To: The Heads of the Interim Administrative Committees of Commercial Banks To: The General Manager – Libyan External Bank

Greetings...

Based on the provisions of Law No. (1) of 2005 concerning Banks, as amended by Law No. (46) of 2012, and on the supervisory and regulatory role exercised by the Central Bank of Libya over commercial banks, in accordance with the provisions of the aforementioned law.

And with reference to our periodic letter No. A.R.M.N (2011/146) dated 17/10/2014, which granted commercial banks the authority to accept applications for opening permanent letters of credit for import purposes, in accordance with the controls communicated to commercial banks regarding this matter.

And with reference to Resolution No. (16) of 2014 of the President of the General Conference of the People's Authority.

We inform you of the instructions of the Governor of the Central Bank of Libya prohibiting the opening of any permanent letters of credit under the Price Stabilization Fund or the Medical Supply Agency without referring to the Central Bank of Libya to obtain prior approval, along with providing the Banking and Currency Supervision Department with the existing and outstanding obligations of the Price Stabilization Fund and the Medical Supply Agency separately during the year 2014.

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

"Abdulmajid Muhammad Al-Maqouri" Director of Banking and Currency Supervision Department / Acting

Copy to // To the Governor To the Deputy Governor To the Banking Supervision and Compliance Monitoring Department / Chamber © / Circular 1

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