Regulatory Alerts2022-06-07
Central Bank of Libya Circular Letter No. 117/2017
Central Bank of Libya issued Circular Letter No. 117/2017, effective July 1, 2017, mandating commercial banks to implement a new Documentary Credit coverage mechanism. Banks must retain approved amounts in their CBL accounts and open credits immediately upon receiving addition notifications, while transferring due amounts via a dedicated system that requires uploading specific SWIFT and payment request messages. Banks are instructed to ensure strict compliance with these operational procedures and system upload requirements.
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