Central Bank of Libya Circular 8/2012 on Disbursing Grants to Libyan Families

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

Reference: A.R.M.N. / 804 Circular No. (8/2012) Date: 04 Jumada al-Awwal 1433 AH Corresponding to: 27 March 2012 AD

To the General Managers of Commercial Banks To the Heads of Temporary Administrative Committees of Commercial Banks The Governor - Libyan Foreign Bank

With respect,

Based on the resolutions of the extended meeting held under the supervision of Banking and Monetary Supervision, attended by the Governor on Sunday, 25 March 2012 AD, to review the final procedures concerning the banking sector, to implement Law No. (10) of 2012 AD, amended by Law No. (16) of 2012 AD, issued by the National Transitional Council, and the executive regulations issued by the transitional government regarding grants for Libyan families.

We inform you that the executive procedures required of banks in disbursing the allocated grants for Libyan families under Law No. (10) of 2012 AD, amended by Law No. (16) of 2012 AD, issued by the National Transitional Council, and the executive regulations issued by the transitional government, are as follows:

First: Family heads and eligible Libyans whose salaries are credited to bank branches:

1. Bank branches receive enhanced envelopes containing the allocated amounts for family heads, accompanied by original family status certificates from the following entities:

• Workplaces to which state employees belong, who receive salaries, for example:

• Ministries.
• Public Services.
• Public Institutions.
• Public Authorities.
• General Agencies.
• Public and Private and Foreign Companies.
• Other various public administrative units.

• The Pension Fund, under which retirees receiving a pension fall.
• The Guarantee Fund, under which those receiving a guarantee allowance fall.

Second: Family heads and non-registered Libyans whose salaries are not credited to bank branches:

• Bank branches receive original family status certificates issued by various civil registry offices in different regions, submitted by family heads and non-registered Libyans who do not have salaries credited to bank branches, and self-employed individuals.

Third: Procedures for receiving envelopes from workplaces or family status certificates directly from individuals:

• Envelopes are received from workplace representatives in original and copy, accompanied by original family status certificates. A copy of the envelope is returned to the workplace representative after being stamped by the bank branch to confirm receipt.
• Citizens submitting their certificates directly to banks receive a receipt confirming the acceptance of the family status certificate.

Fourth: Bank branches verify that the data on the submitted family status certificate matches, through the dedicated system, by entering the registration number in the system and extracting an addition notification in three copies.

Fifth: Banks record the allocated amounts for each family, calculated automatically by the system, according to the notifications extracted from the system in current accounts opened in the names of family heads and eligible non-registered Libyans.

Sixth: A copy of the addition notification is delivered to family heads and eligible non-registered Libyans after recording the value in their accounts, within a maximum of four days from the date of delivering the envelope or family status certificate to the bank.

Seventh: Banks submit their requests to the Banking Operations Department at the Central Bank of Libya to add the amounts they deposited in family heads' accounts to their own accounts at the Central Bank of Libya, via an authorized message, accompanied by a report detailing the number of families whose amounts were deposited and the total value deposited at each bank branch and overall. For the purpose of necessary settlement, the report is attached with the following documents: original family status certificates for each family head, accompanied by a copy of the deposit slip in the current account for each head.

Eighth: The Central Bank of Libya adds the total amount submitted by the concerned commercial bank to its account with the Central Bank of Libya, as a deduction from the amount allocated for disbursing grants to Libyan families held at the Central Bank of Libya, within a period not exceeding one week from the date of the request.

Ninth: Banks form central committees in their general administrations by Wednesday, 28 March 2012 AD at the latest, and send a copy of the resolution to the Governor. The committee is chaired by the General Manager and includes directors of the following sectors/departments: (Operations, Information Technology, Cards and Electronic Support, Information and Planning, Accounting, Inspection, Audit, Branches). Banks shall form sub-committees at the regional level. These committees monitor the implementation of Law No. (10) of 2012 AD regarding grants for Libyan families, ensure workflow according to the relevant controls, address any bottlenecks, resolve implementation-related problems, and contact Diwan for Technical Consulting Co. as needed.

Tenth: A committee is formed chaired by the Central Bank of Libya and including General Managers of commercial banks to monitor procedures, workflow mechanisms, and resolve all bottlenecks. It monitors and audits amounts deposited by commercial banks into family heads' accounts, reviews specially prepared reports, verifies that the total amounts deposited in banks' accounts at the Central Bank of Libya match the total amounts requested by banks to be added to their accounts at the Central Bank of Libya. The Central Bank of Libya determines the schedule and location of its meetings, and takes necessary measures to correct any deviations appearing after auditing and review.

Eleventh: The Central Bank of Libya submits periodic reports to the Cabinet of Ministers and the Ministry of Finance, showing the total number of families that received grants, the total amount disbursed, the amount deducted from the balance of the account opened for this purpose at the Central Bank of Libya, and the account balance as of that date.

Twelfth: All banks submit daily reports at the general administration level to the Banking and Monetary Supervision Department, detailing the number of families whose accounts were credited with the allocated grants by bank branches, and the amounts deposited in family heads' and non-registered Libyans' accounts according to information received from various entities. These data shall be provided on a compact disc (CD) or softcopy according to the form attached to this circular.

Yours faithfully,

Dr. Mohammed Abduljalil Abousnina Director of Banking and Monetary Supervision

Copies to: The Governor The Deputy Governor The Auditor General's Office Director The Central Monetary Operations Sector Director - Central Bank of Libya The Banking Operations Department Director - Central Bank of Libya The Accounting Department Director - Central Bank of Libya The Deputy Director of Banking and Monetary Supervision ((for follow-up))

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Report on the number of families whose accounts were credited with allocated grants under Law No. (10) of 2012, and the amounts deposited in bank accounts ........................ per its affiliated branches, dated ......../......../2012 AD. According to the provisions of Circular No. (......./ 2012)

Bank Name: ................................

Serial No.	Bank Branch or Agency Name	Number of Families Whose Accounts Were Credited with Allocated Grants at the Branch Level	Total Amounts Deposited in Bank Accounts (Dinar)
Total at Bank Level

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