Circular 14/2012 Regarding the Settlement of External Liabilities Incurred by Telecommunications Sector Companies

ROYAL PALACE SECRETARIAT P.O. Box: 1103, Postal Address: Misrata Street - Tripoli - Libya

Framework: R M N /804 Circular | R M N No. (2012/14) Date: 18 Jumaada al-Akhir 1433 AH Corresponding to: 9 May 2012 AD

To: General Managers of Commercial Banks To: Heads of Interim Administrative Committees of Commercial Banks To: General Manager of the Libyan Foreign Exchange Authority

Greetings...

Subject: Settlement of External Liabilities Incurred by Companies Affiliated with the Telecommunications Sector

Based on the provisions of Law No. (1) of 2005 concerning Banks, And referring to Circular I R M N No. (2008/3) dated 2008/1/16, which authorized various regular entities to conduct outgoing foreign transfers to settle obligations arising from their dealings with the outside world, and the services they import, in accordance with the controls stipulated therein,

We inform you of the Governor's approval to grant commercial banks the authority to process the foreign currency transfers requested by national companies working in the field of telecommunications and information technology, affiliated with the Ministry of Communications and Information Technology, in exchange for the services they provide under technical support and assistance agreements concluded with external parties. This includes the maintenance works, supply of spare parts and equipment, and settlement of partnership fees, as well as other obligations required to be paid according to lists and financial requirements issued by the beneficiary entities abroad, subject to compliance with the following:

1. Companies must submit transfer requests via letters issued by them, authorized by their authorized signatories, specifying the amount to be transferred. They must also commit to filling out the forms executed for foreign transfers, in accordance with what is issued by the Central Bank of Libya regarding this matter.

2. The transfer request must be accompanied by invoices, demands, or documents indicating the purpose of the transfer, which must be authorized by the legally authorized signatories of the company.

3. The request must be supported by a letter issued by the Ministry of Communications and Information Technology, requesting approval to conduct the requested transfer.

4. Companies must settle the transfers executed for the purpose of supplying materials and equipment for maintenance and operation purposes by providing customs declarations indicating the entry of the imported materials and equipment into the ports of the banks they deal with, in accordance with the instructions issued by the Central Bank of Libya regarding this matter.

5. Banks must refer data related to the transfers of telecommunications companies that manage accounts on their behalf, on a monthly basis, on a compact disc (CD), for documentation with the relevant organizations under the Banking and Currency Control Administration.

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

Dr. Muhammad Abdul Jalil Abustina Director of the Banking and Currency Control Administration

To: The Governor To: The Deputy Governor To: The Undersecretary of the Ministry of Communications and Information Technology To: The Director of the Legal Affairs Department, Central Bank of Libya To: The Managers of the Central Bank of Libya branches (Benghazi, Sabha, Sirte) The Financial and Statistics Department 2012 AD

Fax: +218 21 3333591, Phone: +218 21 444 1488, Website: www.cbl.gov.ly, SWIFT Code: CBLJLYLX