Regulatory Alerts2022-06-07
Central Bank of Libya Circular Letter No. 189 (2017)
The Central Bank of Libya’s Banking and Currency Supervision Department mandates that commercial banks strictly implement Libyan Court of Audit procedures concerning external letters of guarantee. Banks must obtain written audit approval before releasing project guarantees, register all guarantees exclusively within deposits and securities accounts under the Court’s supervision, and renew them whenever concerned authorities request extensions. Commercial banks are directed to immediately adopt these measures to resolve ongoing external guarantee issues and ensure regulatory compliance.
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