Regulatory Alerts2022-06-07
Circular Letter (No. 189/2013)
The Central Bank of Libya issued Circular Letter No. 189/2013 to instruct commercial banks and their interim administrative committees to lift the suspension on foreign companies' local currency withdrawals and outbound financial transfers, effective upon compliance with existing CBL regulations. This directive follows the Libyan Interim Government's Cabinet decision to cancel People's General Committee Reference No. 2765, thereby restoring foreign firms' ability to transfer funds abroad without prior coordination with national contracting entities. Banks are required to process these transactions in accordance with CBL's established principles and to refer any specific outbound transfers ordered by foreign companies operating in Libya directly to the Central Bank for oversight.