Central Bank of Libya Circular No. 11/2012

Central Bank of Libya P.O. Box: 1103 | Telegraphic Address: Masraf Libiyya - Tripoli, Libya Electronic Reference: R.M.N / 804

Circular (R.M.N No. 11/2012) Date: 5 Jumada al-Thani, 1433 AH Corresponding to: March 28, 2012 AD

To: The General Managers of Commercial Banks The Chairmen of the Interim Administrative Committees of Commercial Banks The General Manager: Libyan External Bank

Greetings...

Subject: Transfers of Surplus Sales of International Airlines Operating in Libya

Based on the provisions of Law No. (1) of 2005 regarding Banks, and referring to our circular letter No. (2008/53) issued on April 17, 2008, regarding empowering commercial banks with the authority to rule on applications concerning the transfer of surplus sales of travel tickets and tourism services for international airlines operating in Libya, we inform you of the Central Bank Governor's approval granting commercial banks permission to resume ruling on applications for transferring surplus sales of travel tickets and tourism services for international airlines operating in Libya, without referring to the Central Bank of Libya, provided compliance with fulfilling all supporting documents, according to our circular letter No. (2008/53) referenced above, as follows:

1. Submission of a certificate confirming the payment of federal taxes, with the net amount required to be transferred (after deducting the due tax) noted on its reverse, each time the company submits a transfer request.
2. Submission of approval from the Director of Air Transport Management at the Civil Aviation Authority to transfer the dues of the operating airline company, specifying the amount and period for which the transfer is requested, each time the company submits a transfer request.
3. Verification that Form (3/30) regarding the statement of ticket sales and returns is approved by the Regional Manager, the company's Legal Auditor, and the Civil Aviation Authority. .../to be continued

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4. Verification that Form (N.J) is approved by the legal auditor of the operating airline company and bears the postal stamp of the Union of Accountants and Legal Auditors.
5. All documents attached to the transfer request must be original.
6. Rental expenses and fuel supply fees payable to Al-Burayqah Petroleum Marketing Company may be settled in foreign currency, by transferring from these companies' accounts to the accounts of national entities at local banks, according to approved procedures, provided that these transfers are deducted from their receivables eligible for transfer abroad.
7. Submission of a monthly statement to the Banking and Monetary Supervision Department on a compact disc (CD), disclosing the volume and purposes of transfers executed by banks for this purpose, according to established practice.

...And peace, mercy, and blessings of God be upon you... Dr. Mohammed Abdul Jalil Abu Seneenah Director, Banking and Monetary Supervision Department

To: The Governor / The Deputy Governor / The Undersecretary of the Ministry of Finance / The Undersecretary of the Court of Audit / The Director of Air Transport Management at the University of Civil Aviation / The Director of Legal Affairs Department, Central Bank of Libya / The Director of Competitions Department, Central Bank of Libya To: The General Managers of the Central Bank of Libya Branches (Benghazi, Sina, Sirte) Data and Statistics Department

2012 / B. 46 www.cbl.gov.ly | Swift Code: CBLJLYLX | Fax: +218 21 444 1488 | Tel: +218 21 3333591