Regulatory Alerts2022-06-07
Periodic Letter No. 28/2016
The Central Bank of Libya issued Periodic Letter No. 28/2016 to address commercial banks' delayed submission of foreign currency coverage requests for standby letters of credit via the approved electronic system. The directive mandates that all commercial banks and their temporary administrative committees strictly adhere to established regulations by promptly forwarding customer requests for electronic coverage approval effective from February 7, 2016. This enforcement action ensures operational compliance with Law No. 1 of 2005 and aligns banking practices with the Central Bank's supervisory framework.
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