Circular 13/2012 on Resumption of Prepaid Plastic Card Issuance and Authorization for Commercial Banks to Issue Cards Against Foreign Currency Accounts

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

Reference: IRMN /804. Circular (IRMN No. 13/2012). Date: 2 Jumada al-Akhira 1433 AH. Corresponding to: April 23, 2012 AD.

To: General Managers of Commercial Banks To: Heads of Temporary Administrative Committees in Commercial Banks To: General Manager of the Libyan Foreign Bank To: General Manager of the Exchange and Financial Services Company Greetings,

Subject: Prepaid Plastic Cards

Based on the provisions of Law No. (1) of 2005, concerning Banks. And with reference to Circular IRMN No. (2003/16) issued on 3/11/2003, regarding granting permission to commercial banks to commence issuing prepaid tourist cards. And to Circular Letter IRMN No. (2011/191) issued on 6/12/2011, regarding enabling individuals and entities who manage foreign currency denominated accounts with banks to benefit from their foreign currency deposits with banks, by withdrawing cash from these accounts to meet their various legally permissible needs, provided that these accounts are prepared for this purpose. And our Circular Letter No. (2011/202) issued on 22/12/2011, regarding allowing foreign transfers based on foreign currency denominated accounts, according to claims submitted by their owners for legally permissible purposes.

We inform you of the Governor's approval to resume the issuance of prepaid plastic cards, and to grant permission to commercial banks to activate and issue these cards against foreign currency denominated accounts managed by individuals with banks, provided that these accounts are prepared, not subject to reservation or frozen by judicial procedures, and have been funded through permissible sources in accordance with the provisions of the law and the instructions issued by the Central Bank of Libya in this regard.

For follow-up purposes, all banks issuing these cards are requested to provide the Department of Banking and Currency Supervision with monthly statistics on the issuance of these cards and their corresponding value. ... And peace, mercy, and blessings of God be upon you.

Dr. Mohamed Abduljalil Abusnina Director of the Department of Banking and Currency Supervision

• To His Excellency the Governor.
• To His Excellency the Deputy Governor.
• Mr. Director of Banking Operations Department, Central Bank of Libya.
• Gentlemen/ Directors of Central Bank of Libya Branches (Benghazi, Sebha, Sirte).
• Data and Statistics Section.
• On April 23, 2012 AD Abdul Hamid

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