Central Bank of Libya

P.O. Box 1103 | Telegram Address: Misriliya - Tripoli - Libya

Reference: RM/N 1109

Circular Letter No. RM/N (2017/176)
Date: 27 Muharram 1439 AH
Corresponding to: 17 October 2017 AD

To the General Managers of Banks

Greetings,

Based on the provisions of Law No. (1) of 2005 regarding Banks and its amendments, and on the supervisory and monitoring role exercised by the Central Bank of Libya over commercial banks in accordance with the law.

And referring to Circular No. RM/N (2017/3) dated 01/02/2017 regarding the regulations governing the sale of foreign currency allowances for personal purposes in 2017, to be paid to Libyan family heads.

And referring to our Circular Letter No. RM/N (2017/153) dated 8/8/2017 regarding the deduction of the value of foreign currency allowances for family heads from their local currency current accounts at the bank managing their account, and not requiring the family head to deposit the allowance in cash, which constitutes a violation of the instructions and regulations issued by the Central Bank of Libya according to Circular No. (2017/3) mentioned above.

It has been observed recently that your banks have been delivering electronic cards to customers without modifying them, which prevents their use and violates the instructions and regulations issued by the Central Bank of Libya. Therefore, considering the importance of this matter, you are requested to give due attention to completing all activation procedures before delivering the card personally to the customer, and we hold you fully responsible for any problems citizens face abroad due to unactivated cards.

Peace, mercy of Allah, and blessings be upon you.

Dr. Mukhtar Al-Hadi Al-Tawil
Director of the Department for Banking and Currency Supervision

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Copy to: His Excellency the Governor
Copy to: Mr. Director of Information Security Department - Central Bank of Libya
Copy to: Mr. Director of Information Technology Department - Central Bank of Libya
Copy to: Mr. Director of Payments and Settlements Department - Central Bank of Libya
Copy to: Mr. Head of the Banking Accounts Abroad Planning Committee - Central Bank of Libya
Copy to: Mr. Deputy Director of the Department for Banking and Currency Supervision for Office Supervision and Compliance Follow-up
Copy to: Mr. Deputy Director of the Department for Banking and Currency Supervision for Field Supervision, Policies and Legislation
Copy to: Gentlemen, Heads of Compliance Units in Banks - For Follow-up
Copy to: Banking Follow-up and Compliance Monitoring Department

1/4 Al-Furqani, 25 Tamam.