Circular 12/2012 Regarding the Cancellation of the 25% Cash Guarantee on External Remittances for Importing Goods and Production Means

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

Reference: R M N / 804 Mentioned Circular No. (2012/12) Date: 23 Jumada al-Awwal 1433 AH Corresponding to: April 15, 2012 AD

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

Greetings...

Subject: Cancellation of the 25% cash guarantee stipulated for external remittances used for importing goods and production means, pursuant to Circular No. (2012/4)

Based on the provisions of Law No. (1) of 2005 AD regarding Banks, And referring to Circular No. (2012/4) issued on 30/1/2012 AD, regarding Authorizing commercial banks to receive requests related to importing goods and production Means, using bank transfers, and referring them to the competent committees at the Central Bank of Libya, to rule on them, according to controls requiring the customer to deposit a financial guarantee of 25% in cash in Libyan Dinars, of the value of the requested transfer, which is refunded upon carrying out the necessary settlement with the Bank, according to the procedures followed in this regard.

And in light of our Circular No. (2012/9) issued on 28/3/2012 AD, which provided for granting Authorization to commercial banks to resume ruling on requests for importing goods and production Means submitted to them, via external transfers issued, without the need to present them to the Central Bank of Libya. And based on instructions from Mr./Deputy Governor of the Central Bank of Libya, we inform you that it has been decided to cancel The operation of the cash guarantee rate required for making external remittances used for importing goods And production means, which was previously in effect pursuant to instructions of the Central Bank of Libya Issued in Circular No. (2012/4) mentioned above.

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

Dr. Muhammad Abdul Jalil Aboustina Director of Banking and Currency Supervision Department

To: The Governor To: The Deputy Governor To: Branch Managers of the Central Bank of Libya (Benghazi, Sabha, Sirte) Department: Data and Statistics

P.O. Box 2012/1 www.cbl.gov.ly , swift code:CBLJLYLX ,+218 21 444 1488: Fax ,+218 21 333591 : Phone