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.
Central Bank of Libya P.O. Box 1103, Manwan Telex: CBL – Tripoli, Libya
Reference: AR/N 804 Circular Letter No. AR/N (2015/68) Date: 20 Sha’ban 1436 AH... Corresponding to: 07/06/2015 AD...
To the General Managers of Commercial Banks, To the Heads of Temporary Administrative Committees of Commercial Banks, To the Governor – Libyan External Bank
Greetings...
The Central Bank of Libya has received a letter from the Deputy Minister of Economy, bearing reference number (1735.2.5) dated 2015/05/27 AD, which clarified ambiguities in certain clauses of the Minister of Economy’s Decision No. (147) of 2015.
With reference to our Circular Letter No. AR/N (2015/62) dated 2015/05/18 AD, which forwarded the Minister of Economy’s Decision No. (147) of 2015 regarding a temporary ban on importing certain goods via deferred payment letters of credit for a period of six months starting from 2015/05/13 AD,
We hereby inform you to take the necessary actions regarding this matter.
Peace, mercy of Allah, and blessings be upon you... "Abd al-Majid Muhammad al-Maquri" Acting Director of Banking and Currency Supervision
Copies to // To the Governor, To the Deputy Governor, Banking Follow-up and Compliance Monitoring Dept. M./Al-Fayyuri © Circular Letter (2015/68-62)
www.cbl.gov.ly, Swift Code: CBLJLYLX, Fax: +218 21 444 1488, Phone: +218 21 333 3591
Government of National Salvation Office of the Minister of Economy
To the Deputy Governor of the Central Bank of Libya
Subject: Decision No. (147) of 2015 regarding a targeted ban on importing certain goods via deferred payment letters of credit
Greetings... In light of the misunderstandings and violations that accompanied certain clauses in the aforementioned Decision, previously concerning the ban on opening deferred payment letters of credit for importing certain goods.
Therefore... We inform you that:
- Clause (27) Pastries/Confectionery of all types does not include cakes and pasta.
- Clause (32) Caviar and Seafood does not include tuna products and sardine products.
- Clause (23) Canned, preserved, frozen, and dried vegetables includes pea products, chickpea products, and lentil products.
We hope you will circulate this to the banks under your jurisdiction regarding this matter. Peace be upon you
Dr. Ali Ahmad al-Mahwib Deputy Minister of Economy
Notes:
- Chairman of the Financial Committee at the General National Congress
- Prime Minister
- Auditor General
- To the Deputy Minister of Economy
- Letters of Credit Supervision Department
- General Manager of Foreign Trade Administration at the Office of Ministers
- To the Director of Registration Department at the Office of Ministers
- To the President of the General Union of Chambers of Commerce
- To the President of the Libyan Industries Council
- To the Representative of the Ministry of Industry
www.info@economy.gov.ly - info@economy.gov.ly Office: 4779 South Libya Street ☎ +218 21 453 1731