Periodic Letter No. 28/2016

Central Bank of Libya
P.O. Box 1103 | Telegram Address: Misr Libya - Tripoli, Libya

Periodic Letter No. ARMN (2016/28)
Date: 12 Jumaada al-Thani 1437 AH ...
Corresponding to: 22 February 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, and on the supervisory and regulatory role exercised by the Central Bank of Libya over commercial banks, in accordance with the provisions of the law.

Referring to Periodic Letter No. ARMN (2016/12) issued on 31/01/2016, concerning a meeting with the General Managers of Commercial Banks, to clarify the new mechanism for the electronic coverage system for standby letters of credit.

Referring to Periodic Letter No. ARMN (2016/17) issued on 04/02/2016, concerning the acceptance of coverage requests related to foreign currency in accordance with the regulations and instructions issued by the Central Bank of Libya and according to the approved electronic system, effective from Sunday, 07/02/2016.

In this regard, we inform you that it has been observed your banks' delay in submitting requests for obtaining approval of coverage via the electronic system for standby letters of credit from your customers, despite the circular instructing banks to begin accepting requests effective from Sunday, 07/02/2016, as mentioned in the aforementioned periodic letter.

(2)
Therefore, and given the importance of the matter, you are requested to comply with submitting the requests submitted to you by your customers in accordance with the regulations and instructions issued by the Central Bank of Libya regarding this matter.
Peace, mercy, and blessings of God be upon you....

Abdelhafidh Masoud Tribil
Director of Banks and Currency Supervision Department / Authorized

To the General Manager
To the Head of the Committee for Coverage of Commercial Banks' Accounts with Correspondents - Central Bank of Libya To the Director of Accounts Department - Central Bank of Libya To the Director of Payments and Settlements Department - Central Bank of Libya To the Director of Media Office - Central Bank of Libya To the Head of the Banking Wing - Compliance Department. Ref / Periodic Letters 2016

www.cbl.gov.ly , swift code:CBLJLYLX , +218 21 444 1488 : Fax, +218 21 333 3591 : Phone