Central Bank of Libya Circular No. 168 (2017)

Central Bank of Libya
P.O. Box 1103 | Telegram Address: Central Bank of Libya - Tripoli, Libya

Reference No.: ( ) / 731/N
Circular Letter No. BRN (2017/168)
Date: 4 Muharram 1438 AH
Corresponding Date: 24 September 2017 AD

To: General Managers of Banks
Mr. / General Manager - Libyan Foreign Bank

Greetings,

This Department has received two letters from Mr. / Deputy Minister of Finance of the Government of National Accord, bearing reference numbers (888/23M) and (890/23M), dated 23 August 2017 AD, respectively. The first letter requests circularizing banks operating in Libya not to change, approve, or add authorized signatories for accounts of any public entity, company, authority, institution, or general department, including the signature of the Financial Controller or Assistant Financial Controller on accounts opened by them and funded by the General Treasury, unless via an official letter from the Accounts Department of the Ministry of Finance. The second letter requests circularizing banks operating in Libya not to change, approve, or add signatures on the bank accounts of public associations within companies, agencies, institutions, and investment portfolios, unless via an official letter signed by the Deputy Minister of Finance.

In forwarding to you the aforementioned letters from Mr. / Deputy Minister of Finance of the Government of National Accord, this Department requests you to take the necessary actions regarding entities funded by the state's general budget.

Peace, mercy of God, and blessings be upon you...
Abdulghafiy Masoud Tribil
Acting Director, Banking and Currency Supervision Department

Note:
Mr. / Mohammed Al-Jafal
Deputy Minister of Finance
(2017/168) Circular Letter No. / BRN

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Government of National Accord
Ministry of Finance

Date: 23 August 2017
Reference No.: 888/23M

Respected Sir,
Director of Banking and Currency Supervision / Central Bank of Libya

Reference: ... to the State Financial Law, the Budget, Accounts and Stores Ordinance and its amendments, and related decisions and circulars concerning public funds. And to: ... the letter from the President of the Court of Audit No. (839) dated 5 March 2017 AD regarding the phenomenon of delay in preparing the State's final accounts. And striving: ... by the Ministry of Finance to close final accounts funded from the general budget within the legally specified timeframe. And noting: ... our letter No. (816) dated 26 July 2017 AD regarding the non-approval of authorized signatories for accounts of public entities.

Therefore: ... we hope you will circularize banks operating in the Libyan State not to change, approve, or add authorized signatories for accounts of any public entity, company, authority, institution, or general department, including the signature of the Financial Controller or Assistant Financial Controller on accounts opened by them and funded from the General Treasury, except upon an official letter from the Accounts Department of the Ministry of Finance.

This matter is of utmost importance.
... Peace be upon you...

Signature:
22 August 2017
Abu Bakr Mohammed Al-Jafal
Deputy Minister of Finance

Note:
Mr. / Mohammed Al-Jafal
Deputy Minister of Finance
(2017/168) Circular Letter No. / BRN

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Government of National Accord
Ministry of Finance

Date: 23 August 2017
Reference No.: 890/23M

Respected Sir,
Director of Banking and Currency Supervision / Central Bank of Libya

Reference: ... to the State Financial Law, the Budget, Accounts and Stores Ordinance and its amendments, and related decisions and circulars concerning public funds. And to: ... the letter from the President of the Court of Audit No. (839) dated 5 March 2017 AD regarding the phenomenon of delay in preparing the State's final accounts. And striving: ... by the Ministry of Finance to close final accounts funded from the general budget within the legally specified timeframe. And noting: ... our letter No. (816) dated 26 July 2017 AD regarding the non-approval of authorized signatories for accounts of public entities.

Therefore: ... we hope you will circularize banks operating in the Libyan State not to change, approve, or add signatures on the bank accounts of public associations within companies, agencies, institutions, and investment portfolios, except upon an official letter signed by the Deputy Minister of Finance.

This matter is of utmost importance.
... Peace be upon you...

Signature:
22 August 2017
Abu Bakr Mohammed Al-Jafal
Deputy Minister of Finance

Note:
Mr. / Mohammed Al-Jafal
Deputy Minister of Finance
(2017/168) Circular Letter No. / BRN