Regulatory Alerts2022-06-07
Central Bank of Libya Circular Letter No. 68/2015 Clarifying Decision No. 147 on Temporary Import Ban via Deferred Payment Letters of Credit
The Central Bank of Libya, in Circular Letter No. 68/2015, clarifies ambiguities in the Ministry of Economy’s Decision No. 147/2015 regarding a six-month temporary ban on importing specific goods via deferred payment letters of credit. The circular specifies that the import restrictions do not apply to cakes, pasta, tuna products, sardine products, peas, chickpeas, and lentils, thereby correcting previous misinterpretations of clauses 23, 27, and 32. Commercial banks are directed to immediately adjust their credit operations to align with these clarified exemptions and comply with the updated import licensing requirements.
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