Periodic Circular (161-2017)

Central Bank of Libya
P.O. Box 1103 | Telex Address: LIBIA - TRIPOLI - LIBYA

Reference: C.B.L. ( )
Periodic Circular No. C.B.L. (2017/161)
Date: 7 Dhul-Hijjah 1438 AH
Corresponding: 29/08/2017 AD

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To: General Managers of Commercial Banks
To: Heads of Interim Administrative Committees at Commercial Banks

Greetings,

Based on the provisions of Law No. (1) of 2005 concerning Banks, and its amendments, within the framework of the supervisory and regulatory role performed by the Central Bank of Libya over commercial banks operating in Libya, subject to the provisions of the aforementioned law.

Through monitoring the financial positions of commercial banks, it has been observed that some commercial banks do not disclose their foreign currency deposits held at the Central Bank of Libya, despite the fact that commercial banks now have foreign currency accounts at the Central Bank of Libya under the mechanism recently adopted to cover banks' foreign currency obligations, the most important of which is the Libyan family allowance (400 USD).

Therefore, you are requested to fully comply with and adhere to the disclosure of foreign currency deposits held at the Central Bank of Libya, as detailed in the financial position form.

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

Musabih Ammar Al-Maounifi
Director of the Supervision of Banks and Currency Department / Authorized

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Copy to: Mr. Governor
Copy to: Deputy Director of the Supervision of Banks and Currency Department Office Supervision Section and Examination Accompaniment Copy to: Investigation and Regulatory Reference Department Copy to: Follow-up Section and Examination Accompaniment

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Periodic Circulars Dispatch 2017 AD