Regulatory Alerts2022-06-07
Central Bank of Libya Circular Letter No. 2016/80
The Central Bank of Libya issued Circular Letter No. 2016/80 on June 16, 2016, extending the deadline for commercial banks to receive goods against collection documents to July 31, 2016, and setting the final document settlement date at August 5, 2016. This administrative extension applies to all transactions governed by Board Decision No. (17) of 2014 and related circulars, ensuring uninterrupted compliance for local market sales. Commercial banks must adjust their collection agency operations and internal reporting to align with these revised timelines effective immediately.
Central Bank of Libya
P.O. Box 1103 | Telegram Address: LIBYABNK - Tripoli, Libya
Reference: 804/C.M.R.A
Circular Letter No. C.M.R.A (2016/80)
Date: 11 Ramadan 1437 AH.
Corresponding to: 16 June 2016 AD.
To the General Managers of Commercial Banks
To the Heads of Temporary Administrative Committees of Commercial Banks
To the General Manager - Libyan Foreign Bank
Greetings...
Based on the provisions of Law No. (1) of 2005 concerning Banks,
and its amendments, as well as the supervisory and regulatory role exercised by the Central Bank of Libya over
commercial banks, in accordance with the provisions of the law.
And referring to Circular No. C.M.R.A (2014/2), dated
29/05/2014, which conveyed the decision of the Board of Directors of the Central Bank of Libya No.
(17) of 2014, concerning certain procedures and regulations governing the implementation of collection agency operations.
And to Circular No. C.M.R.A (2014/3), dated 18/09/2014, concerning
the regulations governing the settlement of documents via the collection agency.
And to Circular Letter No. C.M.R.A (2016/18), dated
04/02/2016, which conveyed a commitment form regarding the supply of goods and their sale in the
local market.
And to Circular Letter No. C.M.R.A (2016/75), dated 05/05/2016, which
extended the arrival period of goods against collection documents to 30/06/2016, and set the settlement date for collection documents
at 05/07/2016.
We inform you that it has been decided to extend the arrival period of goods against collection documents to 31/07/2016, with the settlement date for collection documents set at 05/08/2016.
Peace, mercy of God, and blessings be upon you,
Abdulhafeeth Saadoun Tribil
Manager of Banking Supervision and Compliance Department / Acting
CC:
Mr. / Head of the Commercial Bank Accounts Coverage Committee at Correspondent Banks - Central Bank of Libya
Mr. / Manager of the Financing Department - Central Bank of Libya
Mr. / Manager of the Debts Department - Central Bank of Libya
Mr. / Manager of the Accounts Department - Central Bank of Libya
Mr. / Head of the Compliance Unit in Commercial Banks - for Follow-up
Mr. / Head of the Banking Wing and Compliance Lead
M.R. / Al-Shibyani / Circular Letter 13/2016
www.cbl.gov.ly, SWIFT Code: CBLJLYLX, Fax: +218 21 444 1488, Phone: +218 21 333 3591