Circular Letter (107/2016)

Central Bank of Libya
P.O. Box 1103 | Telegram Address: Misribia - Tripoli, Libya

Reference: CBL/N 804
Circular Letter No. CBL/N (2016/107)
Date: 01 Dhu al-Qi'dah 1437 AH
Corresponding to: 04 August 2016 AD

To the General Managers of Commercial Banks
To the Heads of Temporary Administrative Committees for Commercial Banks To the General Manager - Libyan Bank Abroad

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 commercial banks, in accordance with the law's provisions.

And referring to Circular No. CBL/N (2014/2), dated 29/05/2014, which forwarded the Central Bank of Libya Board of Directors' Decision No. (17) of 2014, concerning certain procedures and regulations governing the implementation of Bursam collection operations.

And to Circular No. CBL/N (2014/3), dated 18/09/2014, concerning the regulations governing the settlement of documents under Bursam collection.

And to Circular Letter No. CBL/N (2016/18), dated 04/02/2016, which forwarded a commitment form regarding the supply of goods and their sale in the local market.

And to Circular Letter No. CBL/N (2016/80), dated 16/06/2016, which was used to extend the period for the arrival of goods against Bursam collection documents to 31/07/2016, with the final settlement date for Bursam collection documents being 05/08/2016.

We inform you of the Central Bank of Libya's approval to accept and settle documents under Bursam collection for goods that have been shipped, provided that the last shipping date is 10/08/2016, in accordance with the Bill of Lading accompanying the documents, and that settlement of Bursam collection document values occurs upon their arrival from abroad.

Peace, mercy, and blessings of God be upon you, Abdelhafidh Masoud Tribil Manager of Banking and Currency Supervision Dept / Authorized

CC:
Mr. / Head of the Commercial Banks Accounts Committee at Correspondent Banks - Central Bank of Libya Mr. / Manager of the Payments Department - Central Bank of Libya Mr. / Manager of the MIS Department - Central Bank of Libya Mr. / Credit Units in Commercial Banks - For Awareness Mr. / Heads of Temporary Administrative Committees for Commercial Banks - For Awareness Mr. / Managers of Commercial Banks - For Awareness

Note: R. Al-Shishi / Circular Letter 2016/107

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