Circular 11/2012

Central Bank of Libya P.O. Box: 1103, Telegram Address: Misr Libya - Tripoli - Libya

Reference: I.R.M.N / 804. Circular I.R.M.N No. (2012/11). Date: 05 Jumada al-Awwal 1433 AH. Corresponding to: 28 March 2012 AD.

To: General Managers of Commercial Banks To: Heads of Temporary Administrative Committees at Commercial Banks To: General Manager, Libyan External Bank

Greetings,

Subject: Transfer of surplus sales of global airlines operating in Libya.

Based on the provisions of Law No. (1) of 2005 AD concerning Banks. And referring to our circular letter No. (2008/53) issued on 17/4/2008 AD, regarding authorizing commercial banks to decide on applications related to the transfer of surplus sales of travel tickets and tourism services for global airlines operating in Libya.

We inform you of the approval of the Governor of the Central Bank of Libya to grant permission to commercial banks to resume deciding on applications for the transfer of surplus sales of travel tickets and tourism services for global airlines operating in Libya, without referring to the Central Bank of Libya, provided that all supporting documents required by our circular letter No. (2008/53) mentioned above are fulfilled, as follows:

1. Submission of a certificate confirming the payment of sovereign taxes, with the net amount required to be transferred after deducting the due tax written on the back, each time the company submits a transfer request.
2. Submission of approval from the Director of the Air Transport Department at the Civil Aviation Authority to transfer the dues of the operating company, specifying the amount and the period for which the transfer is requested, each time the company submits a transfer request.
3. Verification that Form (30/3) regarding the statement of ticket sales and returns is certified by the Regional Director, the company's legal auditor, and the Civil Aviation Authority.

......./To be continued

Phone: +218 21 3333591, Fax: +218 21 444 1488, www.cbl.gov.ly, swift code: CBLJLYLX

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Central Bank of Libya P.O. Box: 1103, Telegram Address: Misr Libya - Tripoli - Libya

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4. Verification that Form (A.N.G) is certified by the legal auditor of the operating company and includes the postal stamp of the Association of Accountants and Legal Auditors.
5. All documents attached to the transfer request must be original.
6. Rental expenses and fuel supply expenses on behalf of the Libyan Oil Marketing Company may be settled in foreign currency by transferring from the accounts of these companies to the accounts of national entities at local banks, according to approved procedures, provided that these transfers are deducted from their convertible receivables.
7. Submission of a monthly statement to the Banking and Currency Control Department, on a compact disc (CD), disclosing the volume and purposes of the transfers executed by banks for this purpose, according to established practice.

... And peace, mercy, and blessings of God be upon you ...

Dr. Mohammed Abduljalil Abousnina Director of the Banking and Currency Control Department

Copy to:

• To the Governor.
• To the Deputy Governor.
• To the Deputy Minister of Finance.
• To the Deputy of the Court of Accounts.
• To the Director of the Air Transport Department at the Civil Aviation Authority.
• To the Director of the Legal Affairs Department, Central Bank of Libya.
• To the Director of the Accounts Department, Central Bank of Libya.
• To the General Managers of Central Bank of Libya branches (Benghazi, Sabha, Sirte).
• To the Data and Statistics Department. Filed on 28 March 2012 AD.

Phone: +218 21 3333591, Fax: +218 21 444 1488, www.cbl.gov.ly, swift code: CBLJLYLX