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

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

Reference: R.M./N 810/J41 Circular R.M.N No. (2010/7) Date: 7 Jumada al-Awwal. Corresponding to: 21 Tir 1378 AH (2010 CE).

To: Brothers / General Managers of Commercial Banks And / General Managers of Libyan Foreign Banks

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

Based on the provisions of Law No. (1) of 1373 AH (2005 CE) regarding Banks.

And with reference to Circular R.M.N No. (2001/23) issued on 31/12/2001 CE, regarding the controls on the use of foreign currency and dealing in it.

And to Circular R.M.N No. (2002/6) issued on 10/2/2002 CE, regarding the controls regulating the use of foreign remittances.

And to Circular R.M.N No. (2006/13) issued on 26/7/2006 CE, regarding diversifying payment methods and means for financing imports using bank remittances executed for commercial purposes.

And to Circular R.M.N No. (2009/5) issued on 19/4/2009 CE, regarding amending the settlement period for amounts of foreign remittances issued for commercial purposes to a maximum of four months.

And in the context of following up on the Banking and Currency Supervision Department's 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 make foreign remittances to import their needs, which are not intended for direct sale, according to approved invoices, without a specified ceiling, provided that they adhere 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 report entities that violate the submission of customs declarations within the deadlines specified in Circular R.M.N No. (2009/5) issued on 19/4/2009 CE, referred to above.

... And peace, mercy, and blessings of God be upon you ...

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

To: The Governor. To: The Deputy Governor. To: The General Manager of the Customs Authority. To: The Director of the Legal Affairs Department, Central Bank of Libya. To: The Director of the Banking Operations Department, Central Bank of Libya. To: Brothers / Branch Managers of the Central Bank of Libya (Benghazi, Sabha, Sirte). To: The Banking Follow-up and Compliance Monitoring Section. To: The Data and Statistics Section.

3 . B 2010 CE.