Regulatory Alerts2023-07-12
Added · Updated
Circular 2/2017: Regulations Governing the Use of Foreign Currency for Opening Documentary Credits
The Central Bank of Libya amends the regulations for opening documentary credits by imposing specific limits on credit values relative to capital and annual budgets, mandating third-party inspection certificates from approved agencies, and requiring proof of tax and guarantee clearance. The circular establishes a strict procedural framework for document verification, including a three-day review period for initial invoices and a two-week approval window by a designated committee, while restricting land transport to neighboring countries except for specific exempted goods. These measures apply to all commercial banks and foreign banks operating in Libya to ensure compliance with international standards and economic stability.
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