Libya Central Bank Circular 7/2017: Regulations on Foreign Currency Transfers for Medical Treatment and Study

Central Bank of Libya

Date: March 20, 2017 Corresponding: 21 Jumuada al-Thani 1438 AH Circular No. (7/2017)

To the General Managers of Banks, To the Heads of the Temporary Administrative Committees of Banks, To the General Manager - Libyan External Bank

Greetings...

Based on the provisions of Law No. (1) of 2005 concerning Banks, and its amendments, and on the supervisory and regulatory role exercised by the Central Bank of Libya over banks, in accordance with the provisions of the Law.

With reference to the Supervision Department Circular No. (2013/1), issued on 02/01/2013, regarding the implementation of the Governor's Decision No. (1) of 2013 concerning the regulation of foreign currency transactions and updating the powers to execute external remittances for various purposes.

And to the Periodic Letter No. (2015/123), issued on 09/11/2015, regarding the follow-up of the subject of treatment and study abroad at private expense.

And to the Supervision Department Circular No. (2016/3), issued on 21/01/2016, which conveyed the Governor's Decision No. (11) of 2016 concerning the amendment of Decision No. (1) of 2013 regarding the regulation of foreign currency transactions and determining the powers to execute external remittances for various purposes.

And to the Periodic Letter No. (2016/69), issued on 30/05/2016, concerning the regulations governing the use of foreign currency for personal purposes.

And to the Periodic Letter No. (2016/148), issued on 03/10/2016, concerning the regulations governing the determination of the number for letters regarding special requests for personal remittances (foreign elements, study or treatment).

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Central Bank of Libya

And while we emphasize the instructions of the Central Bank of Libya issued within the framework of regulating the use of foreign currency for personal purposes mentioned above, we hereby notify you of the instructions of the Central Bank of Libya issued regarding this matter as follows:

First: Regulations related to medical treatment remittances 1- The procedure for ordinary remittances for the purpose of treatment continues to be in effect within the permitted annual transfer ceiling, as mentioned in Circular No. (2016/3). 2- The submission of an entry visa for the purpose of treatment for the beneficiary of the transfer is waived; for countries that do not require an entry visa, a copy of the passport showing the entry stamp is requested. 3- Submission of a medical report certified by a public hospital within Libya. 4- Submission of a medical report attached to the invoice provided by the beneficiary, which must be certified by the hospital or clinic to be treated at, and authenticated by the Health Attaché at the Libyan Embassy.

Second: Regulations related to study remittances 1- The procedure for study remittances at private expense for students studying in the first university stage (Bachelor's - License) and higher stages (Master's - Doctorate) continues to be in effect within the permitted annual transfer ceiling, as mentioned in Circular No. (2016/3). 2- Submission of a certificate from the university confirming continued study along with the invoice provided by the beneficiary, which must be recent and certified by the Libyan Embassy abroad. 3- Submission of an entry visa for the purpose of study for the beneficiary of the transfer; for countries that do not require an entry visa, a copy of the passport showing the entry stamp is requested.

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Central Bank of Libya

Therefore, you are requested to give the matter the required attention, and for the bank to take the necessary measures to implement the aforementioned instructions, so that the specialized departments and units in your bank (Audit, Compliance, Anti-Money Laundering) follow up on the measures taken by the specialized departments regarding the subject, in accordance with the instructions of the Central Bank of Libya issued specifically for this purpose, exercising the authorities entrusted to them. We will hold banks legally responsible for any violations committed by exceeding the instructions issued by the Central Bank of Libya in this regard, and banks will be subject to continuous targeted inspections. In case of non-compliance, penalties stipulated under the provisions of Law No. (1) of 2005 concerning Banks, and its amendments, will be applied.

Peace, mercy, and blessings of God be upon you,

Dr. Mukhtar Al-Hadi Al-Tawil Director of the Supervision Department on Banks and Currency

Copy to:

• The Governor
• The General Manager of the Court of Audit
• The Chairman of the Administrative Supervision Authority
• The Deputy Minister of Finance
• The Chairman of the Correspondents Coverage Committee - Central Bank of Libya
• The Director of the Legal Affairs Department - Central Bank of Libya
• The Director of the Accounts Department - Central Bank of Libya
• The Head of the Main Financial Information Unit - Central Bank of Libya
• The Director of the Libyan Credit Information Center - Central Bank of Libya
• The Director of Central Bank of Libya branches (Benghazi, Sirte)
• The Director of the Media Office at the Central Bank of Libya
• The Deputy Director of the Supervision Department on Banks and Currency for Office Supervision and Compliance Follow-up
• The Deputy Director of the Supervision Department on Banks and Currency for Field Affairs, Legislation, and Policies
• The Heads of Compliance Units at Banks - For Follow-up
• The Specialized Department - Banking Follow-up and Compliance Monitoring

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