Central Bank of Libya

P.O. Box 1103 | Telegraphic Address: Misriliya - Tripoli, Libya

Circular No. (189/2018)
Date: 24 Rabi' al-Thani 1440 AH
Corresponding Date: 31 December 2018 ...

Reference: M.N./804

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To the General Managers of Banks

Greetings,

Based on the provisions of Law No. (1) of 2005 concerning Banks and its amendments, and the supervisory and regulatory role exercised by the Central Bank of Libya over banks in accordance with the law, and pursuant to the Anti-Money Laundering and Counter-Terrorist Financing Law issued by the Presidency Council via Law Decree No. (10/13) of 2017.

With reference to Circular (M.N. No. 9/2018), issued on 23/09/2018, concerning the regulations governing the sale of foreign currency for personal, study, and medical purposes.

We inform you of the issuance of instructions by the Central Bank of Libya adding certain means of using foreign currency related to the sale of foreign currency for personal purposes, as follows:

1. The bank branch where the customer holds a local currency current account shall open a foreign currency account for purchasing foreign currency for specific personal purposes as stipulated in the aforementioned circular, upon the account holder's request.
2. Banks shall update customer data in the banking system in accordance with Governor's Circular No. (2/2016) and the attached Know Your Customer (KYC) form.
3. Account holders are permitted to transfer funds from their foreign currency accounts to other foreign currency accounts upon request, provided that the transfer occurs within the same bank and the transfer details are recorded in the foreign currency sales system for personal purposes, and that the amount does not exceed (100,000.00 US dollars) or its equivalent per account.
4. Direct foreign transfers from their foreign currency accounts to their own or first-degree family members' accounts abroad are permitted upon request, such that the total transferred amount within a year does not exceed (100,000.00 US dollars) or its equivalent in other foreign currencies, based on the opened foreign currency accounts.

Accordingly, you are requested to take the necessary measures to implement the aforementioned instructions.

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

Dr. Mukhtar Al-Hadi Al-Tawil
Director of Banking and Currency Supervision Department

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Copy to: Manager, Governor's Office
Copy to: Director of Banking Information Department - Central Bank of Libya
Copy to: Director of Internal Programming Department - Central Bank of Libya
Copy to: Director of Banking Information and Financing Department - Central Bank of Libya
Copy to: Director of Legal Affairs Department - Central Bank of Libya
Copy to: Director of Environmental Finance Department - Central Bank of Libya
Copy to: Manager, Financial Information Unit - Central Bank of Libya
Copy to: Deputy Director, Banking and Currency Supervision Department (Digital Affairs & Compliance Monitoring)
Copy to: Deputy Director, Banking and Currency Supervision Department (Field Affairs & Policies/Legislation)
Copy to: Heads of Compliance Units in Banks – Monitoring
Copy to: Compliance Inspector - Banking Overview

Document Number: 3 – Periodic Letter /2018/179