Regulatory Alerts2012-08-07
Added · Updated
Circular 19/2012: Direct Foreign Remittances for Industrial Purposes
The Central Bank of Libya prohibits commercial banks from executing direct foreign remittances, with the sole exception of transfers for industrial purposes, subject to specific conditions. Commercial banks are authorized to process these industrial remittances for raw materials, operating supplies, and spare parts up to 10% of the annual value of sustainable credits opened by the company. Eligible companies must hold a valid license from the Ministry of Economy, be registered in the commercial register, maintain an active current account with the bank for at least two years, and comply with customs declarations, statistical code cards, and Know Your Customer (KYC) and anti-money laundering policies.
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