Regulatory Alerts2023-07-12
Central Bank of Libya Circular 8/2012 on Disbursing Grants to Libyan Families
The Central Bank of Libya issued Circular 8/2012 to establish the executive procedures for commercial banks in disbursing state grants to Libyan families under Law No. 10 of 2012, as amended by Law No. 16 of 2012. The circular mandates banks to verify family status certificates, record allocated amounts in designated current accounts via a dedicated system, and submit daily reports and settlement requests to the Central Bank within specified deadlines. It further requires the formation of central and regional committees to monitor implementation, resolve operational bottlenecks, and ensure accurate reconciliation between commercial banks and the Central Bank of Libya.
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