Regulatory Alerts2015-04-30
Added · Updated
Circular 4/2016: Regulations on the Use of Foreign Currency for Opening Documentary Credits
The Central Bank of Libya mandates that documentary credits for importing goods and services must be fully covered by bank clients according to agency formulas and existing regulations. It temporarily suspends the execution of all bank approvals for financing such credits using hedging or other non-fully-covered methods until further notice. Compliance is enforced through periodic inspections, with violations subject to penalties under the Banking Law.
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