Central Bank of Libya

P.O. Box 1103
Telegraphic Address: MisrLibya - Tripoli - Libya

Reference: R.M/N 804

Circular No. (2014 / 1)

Date: 2 Rabi' al-Thani 1435 AH ...

Corresponding Date: 03 / 02 / 2014 AD ....

To:
The Exporters working at Commercial Banks
The Heads of the Temporary Administrative Committees of Commercial Banks 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, according to the provisions of the aforementioned law.

And with reference to our periodic letter No. A.R.M.N (2011/146) dated 17/10/2014, whereby powers were granted to commercial banks 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 Decision No. (16) of 2014 issued by Mr./ President of the General National Congress.

We inform you of the instructions from Mr./ Governor of the Central Bank of Libya prohibiting the opening of any permanent letters of credit in favor of the Price Stabilization Fund or the Medical Supply Agency except after referring to the Central Bank of Libya to obtain prior approval, along with providing the Banking and Currency Control Department with the existing and outstanding liabilities towards the Price Stabilization Fund and the Medical Supply Agency during the year 2014, each separately.

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

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

// Copy to //
To Mr./ Governor
To Mr./ Deputy Governor
Banking Supervision and Compliance Monitoring Department / Free / Circular 1

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