Regulatory Alerts2014-02-03
Added · Updated
Circular 1/2014 regarding the issuance of permanent letters of credit for the Price Stabilization Fund and Medical Supply Agency
The Central Bank of Libya prohibits commercial banks from opening any permanent letters of credit in favor of the Price Stabilization Fund or the Medical Supply Agency without obtaining prior approval from the Central Bank. Additionally, these banks are required to report existing and outstanding liabilities owed by these two entities to the Banking and Currency Control Department separately during the year 2014.
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