Regulatory Alerts2022-06-07
Central Bank of Libya Circular No. 35/2018 on Official Holiday Designation
The Central Bank of Libya designates Sunday, February 18, as an official holiday for all operating commercial banks through Circular Letter No. 35/2018, effectively replacing the Saturday observance of February 17. This directive, grounded in Law No. 1 of 2005 and Article 17 of the Labor Relations Executive Regulations, authorizes compensation for weekly holidays coinciding with official holidays and mandates compliance across all supervised commercial banks. The order, issued by the Director of Banks and Currency Supervision, formally updates banking sector holiday schedules while extending seasonal congratulations to employees on the seventh anniversary of the February 17 Revolution.
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