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.
Central Bank of Libya
P.O. Box 1103 | Telegram Address: Misr Libya - Tripoli, Libya
Periodic Letter No. ARMN (2016/28)
Date: 12 Jumaada al-Thani 1437 AH ...
Corresponding to: 22 February 2016 AD ...
To the General Managers of Commercial Banks
To the Heads of Temporary Administrative Committees of Commercial Banks
To the General Manager - Libyan Foreign Bank
Greetings...
Based on the provisions of Law No. (1) of 2005 concerning Banks, and its amendments,
and on the supervisory and regulatory role exercised by the Central Bank of Libya over commercial banks,
in accordance with the provisions of the law.
Referring to Periodic Letter No. ARMN (2016/12) issued on
31/01/2016, concerning a meeting with the General Managers of Commercial Banks, to clarify
the new mechanism for the electronic coverage system for standby letters of credit.
Referring to Periodic Letter No. ARMN (2016/17) issued on
04/02/2016, concerning the acceptance of coverage requests related to foreign currency in accordance with
the regulations and instructions issued by the Central Bank of Libya and according to the approved electronic system,
effective from Sunday, 07/02/2016.
In this regard, we inform you that it has been observed your banks' delay in submitting requests
for obtaining approval of coverage via the electronic system for standby letters of credit from your customers, despite the circular instructing banks to begin accepting requests effective from Sunday, 07/02/2016, as mentioned in the aforementioned periodic letter.
(2)
Therefore, and given the importance of the matter, you are requested to comply with submitting the requests submitted to you by your customers in accordance with the regulations and instructions issued by the Central Bank of Libya regarding this matter.
Peace, mercy, and blessings of God be upon you....
Abdelhafidh Masoud Tribil
Director of Banks and Currency Supervision Department / Authorized
To the General Manager
To the Head of the Committee for Coverage of Commercial Banks' Accounts with Correspondents - Central Bank of Libya
To the Director of Accounts Department - Central Bank of Libya
To the Director of Payments and Settlements Department - Central Bank of Libya
To the Director of Media Office - Central Bank of Libya
To the Head of the Banking Wing - Compliance Department.
Ref / Periodic Letters 2016
www.cbl.gov.ly , swift code:CBLJLYLX , +218 21 444 1488 : Fax, +218 21 333 3591 : Phone