Regulatory Alerts2022-06-07
Circular Letter 176-2017
The Central Bank of Libya issued Circular Letter 176-2017 to enforce compliance with foreign currency allowance regulations and electronic card activation standards. The directive requires commercial banks to complete all necessary modifications and activate procedures before delivering electronic cards directly to customers, ensuring the allowances are properly deducted from local currency accounts without requiring separate cash deposits. Banks bear full responsibility for any operational disruptions or customer complaints arising abroad due to the delivery of unactivated cards.
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