Regulatory Alerts2012-05-10
Added · Updated
Circular 14/2012 Regarding the Settlement of External Liabilities Incurred by Telecommunications Sector Companies
The Central Bank of Libya authorizes commercial banks to process foreign currency transfers for national telecommunications and information technology companies to settle obligations arising from technical support agreements with external parties, including maintenance, spare parts, equipment, and partnership fees. This authorization is conditional upon the submission of authorized transfer requests, supporting invoices or documents, and an approval letter from the Ministry of Communications and Information Technology. Companies must provide customs declarations to confirm the import of materials and equipment, while banks are required to submit monthly data on these transfers to the Banking and Currency Control Administration.
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