Regulatory Alerts2023-07-12
Added · Updated
Circular 11/2012
The Central Bank of Libya authorizes commercial banks to resume processing applications for the transfer of surplus sales proceeds from global airlines operating in Libya without prior central bank approval, provided specific documentation is submitted. Banks must verify proof of sovereign tax payment, obtain approval from the Civil Aviation Authority's Air Transport Department, and ensure Form 30/3 and Form A.N.G are properly certified. Additionally, banks are permitted to settle rental and fuel expenses for the Libyan Oil Marketing Company in foreign currency against convertible receivables and must submit monthly disclosure reports on a CD to the Banking and Currency Control Department.
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