Circular 14/2012

Central Bank of Libya P.O. Box: 1103, Benghazi, Libya - Tripoli, Libya

Reference: R.M./N 804 Circular | R.M.N No. (2012/14) Date: 18 Jumada al-Thani 1433 AH Corresponding to: 9 May 2012 CE

To: Authorized Signatories in Commercial Institutions To: Heads of Authorized Administrative Committees in Commercial Banks To: General Manager of the Libyan Foreign Center

With greetings...

Subject: Settlement of External Liabilities of Companies Affiliated with the Telecommunications Sector

Based on the provisions of Law No. (1) of 2005 concerning Banks. And referring to Circular R.M.N No. (2008/3) dated 16/1/2008, which authorized various regular entities to process outgoing foreign remittances to settle liabilities arising from their dealings abroad, and services imported, in accordance with the controls stipulated therein. We hereby inform you that the Governor has approved granting commercial banks the authority to process the foreign remittances requested by national companies operating in the telecommunications and information technology sector, affiliated with the Ministry of Communications and Information, given that they import services under technical support and assistance agreements concluded with external parties. These agreements include maintenance works, supply of spare parts and equipment, payment of subscription fees, and other financial obligations required to be paid according to laws and financial claims issued by beneficiary entities abroad, subject to compliance with the following:

1. Companies must submit transfer requests via official letters issued by them, authorized by their duly authorized signatories, specifying the amount to be transferred, and commit to completing the foreign transfer execution forms as issued by the Central Bank of Libya.

2. The transfer request must be accompanied by invoices, claims, or documents indicating the purpose of the transfer, authorized by the company's legally authorized signatories.

3. The request must be supported by a letter issued by the Ministry of Communications and Information, requesting approval to process the requested transfer.

4. Companies must settle the executed transfers for the purpose of supplying materials and equipment for maintenance and operation by submitting customs declarations proving the entry of imported materials and equipment to the banks they deal with, in accordance with the specific instructions issued by the Central Bank of Libya.

5. Banks must monthly forward data related to transfers of telecommunications companies for which they manage accounts, on a compact disc (CD), for documentation with the designated organizations under the Banking and Currency Control Department.

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

Dr. Mohamed Abdeljalil Abousnina Director of the Banking and Currency Control Department

To: The Governor The Deputy Governor The Deputy Minister of Communications and Information The Director of the Legal Affairs Department, Central Bank of Libya To: Branch Managers of the Central Bank of Libya (Benghazi, Sabha, Sirte) Department: Data and Statistics CC: 2012 CE

www.cbl.gov.ly, swift code: CBLJLYLX, Fax: +218 21 444 1488, Phone: +218 21 3333591