Regulatory Alerts2023-01-09
Added · Updated
Circular 5/2023: Disclosure Requirements in Periodic and Annual Reports under Basel III
The Central Bank of Libya mandates Libyan banks to include specific disclosure requirements in their periodic and annual reports in alignment with Basel III Pillar 3, IFRS, and IAS standards. Banks must disclose detailed financial data, risk exposures (credit, liquidity, market, operational), capital adequacy ratios, and related-party transactions, with external auditors required to provide clear opinions on this information. Compliance with these disclosure guidelines is mandatory for all banks operating in Libya starting from March 31, 2023, and no report may be published without prior approval from the Banking and Currency Supervision Department.
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