Circular 2010/7 on Regulated Payment Means for Financing the Import of Raw Materials and Operating Supplies for Industrial Purposes

Central Bank of Libya
P.O. Box 1103 - Tripoli - The Great Socialist People's Libyan Arab Jamahiriya Telegram Address: LibiaBank - Tripoli

Reference: CBL/CR/810/G41
Circular CBL/CR No. (2010/7)
Date: 7 Jumada al-Awwal
Corresponding to: 21 Tiret 1378 A.H. (2010 A.D.)

To: Brothers / General Managers of Commercial Banks And / General Managers of the Libyan External Bank

Greetings...

Subject: Regulated payment means for financing the import of raw materials and operating supplies for industrial purposes

Based on the provisions of Law No. (1) of 1373 A.H. (2005 A.D.) concerning Banks, With reference to Circular CBL/CR No. (2001/23) issued on 31/12/2001 A.D., concerning the controls on the use of foreign currency and dealing in it, And to Circular CBL/CR No. (2002/6) issued on 10/2/2002 A.D., concerning the controls regulating the use of foreign remittances, And to Circular CBL/CR No. (2006/13) issued on 26/7/2006 A.D., concerning diversifying payment methods and means for financing imports using commercial bank transfers, And to Circular CBL/CR No. (2009/5) issued on 19/4/2009 A.D., concerning amending the settlement period for amounts of foreign remittances issued for commercial purposes to a maximum of four months,

And in the context of the Bank and Currency Supervision Department's follow-up of transfer operations executed by banks, at the request of various legal entities, to supply goods and production supplies from abroad for all commercial and non-commercial purposes, and in order to regulate import operations using direct and indirect bank payment means authorized by the instructions issued by the Central Bank of Libya in this regard, we inform you as follows:

Industrial entities that import spare parts, production supplies, and raw materials may execute foreign remittances to import their needs, which are not intended for direct sale, according to approved invoices, without a specified ceiling, provided that they commit to settling these remittances according to the deadlines issued by the Central Bank of Libya, which apply to foreign remittances for commercial purposes. Banks must commit to reporting entities that fail to submit customs declarations within the deadlines specified in Circular CBL/CR No. (2009/5) issued on 19/4/2009 A.D., referred to above.

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

Dr. Muhammad Abdul Jalil Abusnina
Director of the Bank and Currency Supervision Department

To:
His Excellency / The Governor
His Excellency / The Deputy Governor
His Excellency / The Director General of the Customs Authority His Excellency / The Director of the Legal Affairs Department, Central Bank of Libya His Excellency / The Director of the Banking Operations Department, Central Bank of Libya To: Brothers / Branch Managers of the Central Bank of Libya (Benghazi, Sabha, Sirte) The Banking Follow-up and Best Accompaniment Section The Data and Statistics Section 3 B. 2010 A.D.