Regulatory Alerts2023-07-12
Circular 14/2012
The Central Bank of Libya issued Circular 14/2012 to authorize commercial banks to process foreign remittances for national telecommunications and IT companies affiliated with the Ministry of Communications and Information. The circular permits these remittances to settle external liabilities for services, maintenance, spare parts, equipment, and subscription fees under technical support agreements, provided companies submit authorized transfer requests, supporting invoices, and Ministry approval letters. Banks must ensure companies submit customs declarations for imported goods and monthly report all related transfer data on CD to the Banking and Currency Control Department for regulatory documentation.
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