Circular 5/2012: Disbursement of Foreign Currency for Official Travel and Training Allowances

Central Bank of Libya P.O. Box: 1103. Al-Adran Al-Barqi, Tripoli, Libya Reference: IRMN 804/ Circular IRMN No. (2012/5) Date: 15 Jumada al-Awwal 1433 AH Corresponding to: February 7, 2012 AD

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

Greetings...

Subject: Disbursement of allowances for foreign travel in official duties and training courses

Based on the provisions of Law No. (1) of 2005 concerning Banks. And referring to Circular IRMN No. (2001/23) issued on December 31, 2001, regarding controls on the use of foreign currency and dealing with it. And to the decision of the Board of Directors of the Central Bank of Libya No. (2) of 2011, regarding the regulation of foreign currency operations under exceptional circumstances. And to the periodic letter IRMN No. (2002/25) issued on February 10, 2002, regarding providing the Banking and Currency Control Administration with a monthly statement, including bank sales of foreign currency against the disbursement of financial guarantees for the purpose of travel on official duties, and payment of associated subscription fees, according to the form attached to the letter.

And based on what was reached in the meeting of Mr. / Deputy Governor of the Central Bank of Libya with the gentlemen heads of temporary administrative committees at commercial banks dated January 16, 2012.

And upon the approval of Mr. / Governor of the Central Bank of Libya, we inform you that it has been decided to grant commercial banks the authority to adjudicate applications submitted for the purpose of purchasing foreign currency (in cash), to cover travel and accommodation allowance, to implement decisions of dispatch abroad, in work duties, and training courses, deducted from the current accounts of the dispatching entities, according to the exemption decision number (751) of 2007, provided that compliance with the procedures and controls followed in this regard is observed, according to the prevailing legislation, and observing the disclosure of data related to the implementation of dispatch decisions within the statistics of foreign currency sales, which are forwarded to the Banking and Currency Control Administration, according to the form prepared for this purpose, attached to the periodic letter No. (2002/25) mentioned above.

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

Dr. Mohamed Abdel Jalil Aboustina Director of Banking and Currency Control Administration

Copy to: His Excellency / The Governor His Excellency / The Deputy Governor His Excellency / The Undersecretary of the Ministry of Finance His Excellency / The Undersecretary of Accounting Affairs His Excellency / Director of Legal Affairs Department, Central Bank of Libya His Excellency / Director of Central Operations Department, Central Bank of Libya His Excellency / Director of Information Center, Central Bank of Libya (Benghazi, Sabha, Sirte) His Excellency / Head of Relations and Public Relations

February 7, 2012 Dr. Abdulmajid

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