Regulatory Alerts2011-10-17
Added · Updated
Circular No. 10/2012 Regarding the Regulations Governing the Settlement of Documents Submitted for Collection
The Central Bank of Libya authorizes commercial banks to resume processing payments for documents submitted for collection without prior approval from the Bank, subject to strict compliance with import priority lists. Banks must verify that documents are submitted through the beneficiary's bank abroad, confirm that payment has not been previously made, and obtain original customs declarations stamped with a thermal seal. Suppliers are required to provide statistical code cards issued by customs, and banks must submit monthly reports on CD to the Banking and Currency Control Department detailing supplier names and document volumes. All bank branches are subject to periodic inspections to ensure adherence to these regulations under the Banks Law No. 1 of 2005.
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