Regulatory Alerts2023-09-21
Added · Updated
Circular 12/2023: Amendments to Regulations Governing the Procedures for Opening Letters of Credit
The Central Bank of Libya amends the regulations for opening letters of credit by rejecting shipping bills of lading with charter dates prior to the credit's opening date, except for bulk goods and specific commodities (frozen meat, oil, sugar, rice) where a 30-day prior window is permitted. The circular authorizes land transport for specific goods such as fertilized eggs, potato seeds, camels, and livestock from neighboring countries and Tunisia, and Egyptian goods via the El-Salam border crossing, subject to specific conditions regarding beneficiary accounts. Suppliers are required to submit original customs declarations to banks within three months of document receipt, and banks must report any failures to provide these declarations to the Banking and Currency Control Department.
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