Circular 7/2017

Central Bank of Libya P.O. Box 1103

Reference: IRMN 804/ Circular IRMN No. (7/2017) Date: 21 Jumada al-Thani 1438 AH Corresponding to: March 20, 2017 AD

Gentlemen General Managers of Banks Gentlemen Heads of Temporary Administrative Committees of Banks Mr. General Manager - Libyan Foreign Bank Greetings...

Based on the provisions of Law No. (1) of 2005 concerning Banks and its amendments, and on the supervisory and regulatory role exercised by the Central Bank of Libya over banks, in accordance with the provisions of the law.

Referring to Circular IRMN No. (2013/1), issued on 2013/01/02, regarding the dissemination of His Excellency the Governor's Decision No. (1) of 2013, concerning the regulation of foreign currency dealings and the determination of authorities for executing external transfers for various purposes.

And to Periodic Letter IRMN No. (2015/123), issued on 2015/11/09, regarding the follow-up on private expense treatment and study abroad.

And to Circular IRMN No. (2016/3), issued on 2016/01/21, by which His Excellency the Governor's Decision No. (11) of 2016 was forwarded, concerning the amendment of Decision No. (1) of 2013, regarding the regulation of foreign currency dealings and the determination of authorities for executing external transfers for various purposes.

And to Periodic Letter IRMN No. (2016/69), issued on 2016/05/30, regarding the controls regulating the use of foreign currency for personal purposes.

And to Periodic Letter IRMN No. (2016/148), issued on 2016/10/03, regarding the controls regulating the determination of time limits for special requests for personal transfers (foreign elements, study or treatment).

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While affirming the instructions of the Central Bank of Libya issued within the framework of regulating the use of foreign currency for the personal purposes mentioned above, we hereby inform you of the Central Bank of Libya's instructions in this regard as follows:

First: Controls related to Treatment Transfers:

1. Ordinary transfers for treatment purposes shall continue within the annually permitted transfer limit, as referred to in Circular No. (2016/3).
2. A treatment entry visa is required for the person benefiting from the transfer. For countries that do not require an entry visa, a copy of the passport showing the entry stamp is required.
3. A medical report approved by a public hospital inside Libya must be submitted.
4. A medical report attached to the invoice provided by the hospital must be approved by the hospital or clinic where treatment is sought, and certified by the Health Attaché at the Libyan Embassy.

Second: Controls related to Study Transfers:

1. Transfers for private expense study abroad shall continue for students studying at the undergraduate level (Bachelor's - License) and postgraduate level (Master's - Doctorate), within the annually permitted transfer limit, as referred to in Circular No. (2016/3).
2. A certificate of continued study from the university, along with the invoice provided by the beneficiary, must be submitted. This certificate must be recent and certified by the Libyan Embassy abroad.
3. A study entry visa is required for the person benefiting from the transfer. For countries that do not require an entry visa, a copy of the passport showing the entry stamp is required.

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Accordingly, you are requested to give this matter the required attention, and banks must take the necessary measures to implement the instructions mentioned above. The specialized departments and units in your bank (Audit, Compliance, Anti-Money Laundering) shall follow up on the procedures taken by the relevant departments regarding this matter, in accordance with the instructions issued by the Central Bank of Libya in this regard, and in fulfillment of the responsibilities entrusted to them. Banks will bear the legal responsibility resulting from any violation committed by exceeding the instructions issued by the Central Bank of Libya in this regard, and banks will be subjected to continuous qualitative inspection. In case of non-compliance, the penalties stipulated under the provisions of Law No. (1) of 2005 concerning Banks and its amendments will be applied.

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

Dr. Mokhtar Al-Hadi Al-Tawil Director of the Department of Banking and Monetary Control

Copy to:

• His Excellency the Governor
• His Excellency the Undersecretary of the Audit Bureau
• His Excellency the Head of the Administrative Control Authority
• His Excellency the Minister of Finance
• His Excellency the Head of the Foreign Correspondent Accounts Committee - Central Bank of Libya
• His Excellency the Director of the Legal Affairs Department - Central Bank of Libya
• His Excellency the Director of the Accounts Department - Central Bank of Libya
• His Excellency the Head of the Main Financial Information Unit - Central Bank of Libya
• His Excellency the Director of the Libyan Credit Information Center - Central Bank of Libya
• His Excellencies the Directors of Central Bank of Libya Branches (Benghazi, Sirte)
• His Excellency the Director of the Media Office at the Central Bank of Libya
• His Excellency the Deputy Director of the Department of Banking and Monetary Control for Office Supervision and Compliance Follow-up
• His Excellency the Deputy Director of the Department of Banking and Monetary Control for Field Supervision, Legislation, and Policies
• His Excellencies the Heads of Compliance Units in Banks - for follow-up
• The relevant section - Department of Banking and Monetary Control