Regulatory Alerts2022-06-07
Central Bank of Libya Circular No. 168 (2017)
The Central Bank of Libya, responding to Ministry of Finance directives, issued Circular No. 168 (2017) requiring all Libyan banks to restrict changes, approvals, or additions of authorized signatories on accounts funded by the General Treasury and public associations. Banks must now secure an official letter from the Ministry of Finance’s Accounts Department or a direct endorsement from the Deputy Minister before modifying account signatories for public entities, companies, institutions, and investment portfolios. This mandate standardizes signature authorization protocols to ensure the timely closure of state-funded final accounts across the banking sector.
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