Circular 3/2012: Payment Bridge

Central Bank of Libya
P.O. Box: 1103, Telegram Address: Misr Libya - Tripoli - Libya

Ref No: 804 /
Circular No. (3/2012)
Date: 19 Safar 1433 AH
Corresponding to: 12 January 2012 AD

To: General Advisors of Commercial Banks
To: Heads of Temporary Administrative Committees of Commercial Banks To: General Manager – Libyan Foreign Bank

Payment Bridge

In application of the provisions of Law No. (1) of 2005 AD concerning Banks, and in implementation of the role of the Central Bank of Libya in achieving stability in the general price level, and in supervising and monitoring banks operating in Libya,

And in addition to the decision of the Board of Directors of the Central Bank of Libya No. (1) of 2012 AD concerning the withdrawal of the first issue of the (fifty dinars) banknote from circulation.

And to the Issuance Department Circular of the Central Bank of Libya issued on 19 Safar 1433 AH Corresponding to 12 January 2012 AD, concerning the dissemination of the decision of the Board of Directors of the Central Bank of Libya No. (1) of 2012 AD, referred to above.

And positively to the conclusion of the meeting held at the Banking Supervision Department to proceed, on Wednesday corresponding to 11/01/2012 AD, attended by the General Managers of banks, to discuss the mechanism for implementing the decision of the Board of Directors of the Central Bank of Libya No. (1) of 2012 AD, referred to above.

Commercial banks and all their branches are requested to enable the public to deposit the (fifty dinars) banknote currency they hold, which has been decided to be withdrawn from circulation, into their bank accounts, while observing the controls organizing the deposit mechanism, according to what was agreed upon in the aforementioned meeting, as follows:

• Cash amounts of the (fifty dinars) denomination are to be deposited into the accounts of individuals with commercial banks and their branches.

www.cbl.gov.ly , swift code:CBLJLYLX , +218 21 444 1488: Fax , +218 21 3333591: Telephone

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• Banks are committed to the current withdrawal limits in accordance with instructions issued by the Central Bank of Libya.
• Citizens who do not hold bank accounts are to be enabled to open bank accounts, provided that the required documents are available.
• Adherence to the controls organizing deposits from local and foreign entities, institutions, organizations, companies, and embassies and diplomatic bodies in accordance with the existing instructions of the Central Bank of Libya issued specifically for this purpose.
• Documenting data related to depositors, according to the depositor discussed in the aforementioned meeting.

Dr. Mohamed Abdel Jalil Abu Sineena
Director of Banking and Currency Supervision Department

Copies to:
His Excellency the Governor
His Excellency the Deputy Governor
His Excellency the Undersecretary of the Ministry of Treasury His Excellency the Executive Director of Central Operations Services His Excellency the Director of the Issuance Department – Central Bank of Libya His Excellency the Director of the Main Financial Information Unit – Central Bank of Libya His Excellency the Director of the Reserves and Statistics Department – Central Bank of Libya His Excellencies the General Governors of the Five Banks (Development, Agricultural, Rural) His Excellencies the Managers of the Central Bank of Libya branches (Benghazi – Sabha – Sirte) His Excellency the General Manager of the Assistance and Financial Services Company

www.cbl.gov.ly , swift code:CBLJLYLX , +218 21 444 1488: Fax , +218 21 3333591: Telephone