Regulatory Alerts2022-06-07
Central Bank of Libya Circular Letter No. 6/2013
Issued by the Central Bank of Libya’s Banking and Currency Supervision Department on January 13, 2013, Circular Letter No. 6/2013 mandates commercial banks to include the statistical code of companies or partnerships in reports regarding entities that have settled foreign remittance obligations and submitted customs declarations, as well as to report the statistical codes of entities failing to submit such declarations within the stipulated period. This requirement operationalizes previous 2009 and 2012 directives by enforcing a maximum four-month settlement window for commercial foreign remittances and verifying the validity of imported goods’ statistical codes. Banks must forward these updated data sets to ensure accurate monitoring of cross-border trade settlements and compliance with customs verification standards.