Regulatory Alerts2023-09-21
Central Bank of Libya Circular No. 8/2023 on the Evaluation of General Managers in Banks
The Central Bank of Libya issued Circular No. 8/2023 to mandate that bank boards evaluate their General Managers before renewing their terms, in compliance with Articles 20-d and 26-d-4 of the approved Libyan Banking Sector Governance Code. The directive requires boards to conduct quantitative performance assessments covering service development, fraud risk reduction, customer complaints, and regulatory responsiveness, then submit the renewal request with an attached evaluation form to the Banking and Currency Supervision Department for final approval. Bank chairs bear full responsibility for ensuring the objectivity of these evaluation criteria, as any lack thereof will be scrutinized against departmental data before the Central Bank issues its final decision.