Regulatory Alerts2023-07-12
Added · Updated
Circular 16/2012: Referral of Central Bank of Libya Board Decision on Free Remittances for Goods Supply
The Central Bank of Libya's Board Decision No. (7) of 2012 authorizes merchants to make free remittances for importing goods for the local market, subject to specific conditions. A single merchant's annual remittances must not exceed $500,000.00 USD, and the request must include their statistical code. Merchants are required to provide a 25% cash guarantee of the transferred amount, refundable upon proof of goods arrival. This decision, effective February 2, 2012, is referred to commercial banks for implementation.
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