Regulatory Alerts2023-07-12
Added · Updated
Circular 12/2017: Executive Procedures and Controls for Transferring Salaries of Foreign Workers with Approved Contracts in the Private Health Sector
The Central Bank of Libya mandates that private banks adhere to specific documentation and procedural requirements when processing salary transfers for foreign workers employed under approved contracts in the private health sector. Banks must verify a complete file including health ministry certification, labor ministry-attested contracts, and valid identity and tax documents, and are restricted to a maximum monthly transfer limit of $1,375.00 or its equivalent in other foreign currencies. Compliance is enforced through periodic inspections, with non-compliance resulting in penalties under Law No. (1) of 2005 concerning banks and its amendments.
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