Central Bank of Libya

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

Reference: I.R.M.N / 804

Circular I.R.M.N. No. (2014/4)
Date: 12 Muharram 1436 AH
Corresponding to: 5 November 2014 AD

To: General Managers of Commercial Banks
To: Heads of Temporary Administrative Committees of Commercial Banks To: The General Manager – Libyan Foreign Exchange

Greetings...

Subject: Regulations Governing the Issuance of Electronic Prepaid Cards.

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

With reference to Circular I.R.M.N. No. (2003/16) issued on 3/11/2003 AD, concerning granting permission to commercial banks to participate in issuing prepaid travel cards, which stipulated in the sixth paragraph of the first item that the total value of cards sold to a single person shall not exceed ten thousand US dollars or its equivalent in other currencies, per year.

And to the periodic letter I.R.M.N. No. (2012/18) issued on 13/8/2012 AD, concerning reducing the minimum amount required to issue prepaid electronic cards, and allowing banks to issue cards at the amount they deem appropriate.

And to the periodic letter I.R.M.N. No. (2012/128) issued on 28/5/2012 AD, concerning resuming the activation of prepaid electronic cards, based on accounts denominated in Libyan Dinars, according to specific controls.

And in light of Circular I.R.M.N. No. (2013/1) issued on 2/1/2013 AD, approved by the Governor of the Central Bank of Libya Decision No. (1) of 2013 AD, concerning regulating dealings in foreign currency, and determining the powers to execute foreign remittances for various purposes, whereby the fifth paragraph of the first item (Card Issuance Controls) in Circular No. (2003/16) mentioned above was amended, concerning the maximum value of the issued travel card.

Continues...

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

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

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Therefore, you are requested to ensure strict compliance with the application of the controls and executive procedures to be followed in the issuance and management of electronic bank cards, of all types, according to what is contained in Circular No. (2003/16) referred to above, and the instructions of the Central Bank of Libya issued specifically.

In the context of the Central Bank of Libya carrying out its role in supervising and regulating the banking sector, all bank branches belonging to your banks will be subjected to periodic inspection to verify the extent of their compliance with the aforementioned instructions of the Central Bank of Libya. This will result in the application of penalties stipulated under the provisions of Law No. (1) of 2005 AD concerning Banks, and its amendments, against banks that do not comply with the procedures and controls issued specifically.

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

Abdulmajid Muhammad Al-Maqouri
Director of Banking and Currency Control Department / Acting

To: The Governor
To: The Deputy Governor
To: The Director of the Legal Affairs Department - Central Bank of Libya.
To: The Director of the Accounts Department - Central Bank of Libya.
To: The General Managers of Central Bank of Libya branches (Benghazi, Sabha, Sirte).
To: The Visual Surveillance and Compliance Monitoring Department.

With best regards,
2014/AD

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