Regulatory Alerts2022-06-07
Circular Letter No. 43 (2014)
The Central Bank of Libya issued Circular Letter No. 43 (2014) to enforce the Libyan Court of Audit’s directive requiring all ministries, entities, and institutions under its supervision to comply with contracting laws and submit complete contract documentation for prior approval before commencement. The circular mandates that contracts exceeding five million dinars cannot be split to avoid supervision, remain invalid until Court-approved, and require immediate post-disbursement documentation for contracts over five hundred thousand dinars. Commercial banks are instructed to implement these prior and subsequent contract supervision measures to ensure transparency, safeguard public funds, and prevent financial violations.
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