Regulatory Alerts2023-09-21
Added · Updated
Circular No. 13/2023: Regulations Governing Direct Foreign Remittances for the Import of Manufactured Gold
The Central Bank of Libya mandates that Libyan banks may only process direct foreign remittances for the import of manufactured gold if the importing company holds a valid CBLKEY code for at least two years. Remittances are restricted to specific correspondent banks, with a maximum single transaction value of $2 million and an annual cap of $15 million per company. Importers must deposit a 7% guarantee with the bank, which is forfeited to the Central Bank if required documentation is not provided within one month, and each company must conduct all transactions through a single designated bank.
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