Regulatory Alerts2023-07-12
Central Bank of Libya Circular 6/2012: Outsourcing Check Printing
The Central Bank of Libya issued Circular 6/2012 to authorize commercial banks to outsource the printing of their approved checks to selected third-party companies, including the Exchange and Financial Services Company. This directive aims to accelerate the check printing process and resolve customer delays stemming from the electronic clearing system. The authorization is granted under the framework of outsourcing operations as defined by previous regulatory guidelines.
Central Bank of Libya
P.O. Box 1103 - Telegraph Address: Central Bank of Libya - Tripoli - Libya
Judge: Arman / 804
Mentioned Mail No. (2012/6) Date: 16 Rabi' al-Awwal Corresponding to: 8/2/2012 AD
To: General Managers of Commercial Banks To: Heads of Temporary Administrative Committees of Commercial Banks To: General Manager of the Libyan Foreign Bank To: General Manager of the Exchange and Financial Services Company
Subject: Printing of Checks by Commercial Banks
Greetings,
Based on the provisions of Law No. (1) of 2005 concerning Banks, and on the supervisory and regulatory role exercised by the Central Bank of Libya over commercial banks in accordance with the provisions of the aforementioned law.
And with reference to Circular No. (2005/2) issued on 9/2/2005, concerning the issuance of certain instructions and controls organizing external outsourcing operations.
And in light of the minutes of the meeting held on 17/1/2012 at the office of the Deputy Governor of the Central Bank of Libya, regarding the study of forgery cases of some clearing checks presented to the electronic clearing system and the ordinary clearing chamber, and the study of proposals submitted by the head of the automatic check processing team.
And to what the aforementioned meeting concluded regarding recommendations to address certain issues, including the subject of delays in printing electronic checks and the problems resulting therefrom for bank customers.
Therefore, we inform you that you may proceed to print the approved checks of your banks at other companies selected by your banks, including the Exchange and Financial Services Company, to accelerate check printing, within the framework known as outsourcing.
Peace, mercy, and blessings of God be upon you.
Dr. Muhammad Abdul Jalil Abustit Director of Bank Supervision Department and Delegate
Copy to: Mr. / The Governor Copy to: Mr. / The Deputy Governor Copy to: Mr. / Head of the Automatic Check Processing Team Copy to: Head of Egyptian Follow-up and Compliance Monitoring
J/N Giad / Circular 1
www.cbl.gov.ly swift code: CBLJLYLX +218 21 444 1488 Fax: +218 21 333 3591 Phone: