Regulatory Alerts2023-07-12
Central Bank of Libya Circular No. 11/2012
The Central Bank of Libya issued Circular No. 11/2012 to authorize commercial banks to independently process foreign currency transfer requests for surplus airline ticket and tourism sales without prior central bank approval. The circular mandates that banks verify original supporting documents, including tax clearance certificates, air transport management approvals, and specific standardized forms (3/30 and N.J), while allowing rental and fuel expenses to be settled in foreign currency against eligible receivables. Furthermore, banks must submit monthly reports on a compact disc detailing the volume and purpose of these transfers to ensure regulatory compliance.
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