Central Bank of Libya

P.O. Box 1103 : Telegram Address: LibyaBank – Tripoli – Libya

Reference: M.R.N. 804

Circular M.R.N. No. (2014/3) Date: 23 Dhu al-Qi'dah 1435 AH Corresponding to: 18 September 2014 AD

To: General Managers of Commercial Banks To: Heads of Temporary Administrative Committees at Commercial Banks To: General Manager, Libyan Foreign Bank

Greetings...

Subject: Regulations Governing the Settlement of Documents Received for Collection.

Based on the provisions of Law No. (1) of 2005 AD concerning Banks and its amendments, and on the supervisory and regulatory role of the Central Bank of Libya under the provisions of the Law.

And with reference to Circular M.R.N. No. (2012/10) issued on 28/3/2012 AD, concerning the regulations governing the settlement of documents received for collection.

And to Circular M.R.N. No. (2014/2) issued on 29/6/2014 AD, a copy of which was sent to you via the Central Bank of Libya Board of Directors Decision No. (17) of 2014 AD, concerning certain procedures and regulations governing the implementation of collection operations.

And based on the correspondence received by the Central Bank of Libya from some commercial banks regarding the mechanism for implementing certain regulations organized by the aforementioned Board of Directors Decision.

And in the context of facilitating procedures for commercial banks to deal with the regulations issued under the aforementioned Decision, under current circumstances, we inform you of the instructions of the Governor of the Central Bank of Libya regarding the adoption of the following measures:

1. Dealing with documents received for collection, and received by your banks prior to the issuance of the aforementioned Central Bank of Libya Board of Directors Decision, in accordance with the instructions and regulations issued by the Central Bank of Libya specifically, and in force prior to the issuance of the Decision.

... to be continued

www.cbl.gov.ly , swift code:CBLJLYLX , +218 21 444 1488 , Fax , +218 21 333 3591 : Phone

---

Central Bank of Libya

P.O. Box 1103 Telegram Address: LibyaBank - Tripoli - Libya

• 2 -

2. Directing the importer (holder of the documents) to submit a formal commitment, whereby he commits to paying the customs duties due and payable for the supplied goods whose value was transferred based on the documents received for collection, after coordination with the Customs Authority on the matter, with banks obliged to notify the Banking and Currency Supervision Department of the names of entities that fulfill their required obligations, to take the necessary measures regarding this.

Therefore, while we emphasize the necessity of adhering to and complying with the application of the Central Bank of Libya instructions governing the settlement of documents received for collection, to ensure the safety of the measures taken regarding them, without prejudice to the banks bearing their responsibilities towards examining and applying the documents received by them for collection, in accordance with the banking procedures followed and required to be observed in this regard.

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

Abdulghaid Muhammad Al-Maqouri Director of Banking and Currency Supervision Department / Acting

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

3 of 2014

www.cbl.gov.ly , swift code:CBLJLYLX , +218 21 444 1488 : Fax , +218 21 333 3591 : Phone