Circular No. 3/2016

Central Bank of Libya P.O. Box 1103, Telegraph Address, Bank of Libya - Tripoli, Libya

Reference: A.R.M.N. 804/ Circular No. (3) of 2016 Date: 11 Rabi' al-Akhir 1437 AH Corresponding to: 21 January 2016

To: General Managers of Commercial Banks To: Heads of Temporary Administrative Committees of Commercial Banks To: General Manager - Libyan Foreign Bank To: General Manager - Transactions Company for Financial Services

Greetings,

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

And with reference to Circular No. (1) of 2013, issued on 02/01/2013, which conveyed the decision of the Governor of the Central Bank of Libya No. (1) of 2013 concerning the regulation of foreign currency transactions and the determination of powers to execute external transfers for various purposes.

We inform you of the issuance of the decision of the Governor of the Central Bank of Libya No. (11) of 2016 concerning the regulation of foreign currency transactions and the determination of powers to execute external transfers for various purposes, which Article 1 thereof stipulates the amendment of Article 3 of the decision of the Governor No. (1) of 2013 mentioned above, by reducing the maximum limit allowed to be transferred per person annually by 50% to be (7,500.00 USD), or its equivalent in foreign currencies, for various purposes of foreign currency purchase and transfer requests for personal purposes, provided that the transfer applicant manages a bank account with the relevant bank, and that his dealings with the bank have passed a period of no less than six months from the date of the application submission.

And if we refer you to the decision of the Governor of the Central Bank of Libya No. (11) of 2016 mentioned above, it requests you to take the necessary measures and implement its contents.

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

"Abdul Hafith Masoud Tripoli" Director of Banking and Currency Supervision Department / Acting

Copy to //

• The Governor
• The Chairman of the Committee for Covering Bank Accounts Abroad - Central Bank of Libya
• The Director of Payments and Settlements Department - Central Bank of Libya
• The Director of Accounts Department - Central Bank of Libya
• To the General Managers of Central Bank of Libya branches (Benghazi - Sabha - Sirte)
• To the General Managers of Departments and Units in Banks (Grade - Compliance - Anti-Money Laundering)
• Data and Statistics Department
• Banking Follow-up and Compliance Monitoring Department
• P.O. Box / 1103 Tripoli / Circular No. 3

Tel: +218 21 333 3591, Fax: +218 21 444 1488, www.cbl.gov.ly, swift code:CBLJLYLX

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Central Bank of Libya P.O. Box 1103, Telegraph Address, Bank of Libya - Tripoli, Libya

Decision of the Governor of the Central Bank of Libya No. (11) of 2016 Amending Decision No. (1) of 2013 Concerning the regulation of foreign currency transactions and the determination of powers to execute External transfers for various purposes

The Governor Having reviewed Law No. (1) of 2005 concerning Banks, and its amendment. And the administrative organization of the Central Bank of Libya and its service regulations. And the Governor's Decision No. (1) of 2013 concerning the regulation of foreign currency transactions and the determination of powers to execute external transfers for various purposes.

Decided

Article 1 Article 3 of the decision of the Governor No. (1) of 2013, issued on 01/01/2013, is amended, by reducing the maximum limit allowed to be transferred per person, annually, by 50% to be an amount of (7,500.00) seven thousand and five hundred dollars, or its equivalent in foreign currencies, for various purposes of foreign currency purchase and transfer requests for personal purposes of natural persons, as stated in the aforementioned Article, provided that the transfer applicant manages a bank account with the relevant bank, and that his dealings with the bank have passed a period of no less than six months from the date of application submission.

Article 2 This decision shall be implemented from the date of its issuance, and the Banking and Currency Supervision Department shall put it into effect.

Al-Sheeq Omar Al-Kabeer The Governor

Issued on: 17/01/2016

Tel: +218 21 333 3591, Fax: +218 21 444 1488, www.cbl.gov.ly, swift code:CBLJLYLX