Regulatory Alerts2023-07-12
Added · Updated
Circular 9/2012: External Remittances for Importing Goods and Production Means
The Central Bank of Libya delegates authority to commercial banks to execute external remittances for importing goods and production means without prior Central Bank approval, subject to a maximum annual limit of USD 500,000 per entity. Banks must enforce controls to prevent duplicate transfers across branches or accounts, require suppliers to provide customs statistical codes, and reject remittances if importers fail to submit customs declarations proving the entry of goods. Additionally, banks are mandated to submit monthly reports on these transactions to the Banking and Currency Supervision Department.
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