Regulatory Alerts2015-01-02
Added · Updated
Circular 2/2016: Regulations and Procedures for Opening Letters of Credit
The Central Bank of Libya mandates that commercial banks obtain prior specific approval for every letter of credit and maintain cash coverage at 130% of the credit value. Banks are required to verify the financial solvency and legal standing of foreign exporters, ensure goods are shipped via tracked global lines, and submit monthly reports on all opened credits within 15 days of the following month. Failure to comply with reporting or audit obligations results in the suspension of foreign currency coverage requests and the freezing of foreign currency for the non-compliant bank.
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