Regulatory Alerts2022-06-07
Circular Letter (110/2014)
The Central Bank of Libya, through its Acting Director of Banking and Currency Supervision, issued Circular Letter No. 110/2014 to amend Decision No. 68 of 2011 regarding the annual subscription fee for the Deposit Insurance Fund. The circular mandates that member banks must settle their annual fees by November of the due year, authorizing the Fund’s General Manager to deduct any outstanding fees and late payment penalties directly from the banks’ accounts at the Banking Operations Department. Commercial bank general managers and temporary administrative committee heads are required to strictly comply with this new deduction mechanism and implement the amended provisions immediately.
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