Our source obtained exclusively a letter from the Director of the Supervision and Monetary Control Department at the Central Bank of Libya, Naji Issa, to the General Managers of banks.
The letter discussed the Central Bank of Libya’s instructions regarding granting the banks operating in Libya the authority to execute requests submitted by industrial companies in Libya for the purpose of supplying spare parts and providing consulting and maintenance services within the limits of 4% of the value of documentary credits that the company has executed during the last year with the bank in one batch or in installments in the form of direct foreign transfers, including the value of the electronic card allowed to be issued under the above-mentioned publication number 10 of 2023, according to the following conditions and controls:
1- It is a prerequisite that the industrial company is among the companies that have dealt with banks for at least a year and that it has active current accounts during that period.
2- The suppliers are committed to providing the original customs declarations indicating the entry of the supplied goods into the official ports in Libya. The declarations must be submitted to the banks within three months from the date of execution of the transfer. As for consulting services, a certificate indicating the receipt of the service should be provided.
3- The banks undertake to request the concerned companies to fill out the KYC policy implementation forms attached to the Central Bank of Libya’s Governorate Circular No. (2) for the year 2016, which was circulated in the circular numbered 12 of 2016 issued on 27/10/2016, when conducting any transactions requested by the supplier.
4- The banks undertake to exercise due care regarding any requests submitted to them for direct foreign transfers according to the regulations and instructions issued regarding anti-money laundering policies and combating terrorism financing and due care towards customers.
5- Anyone who submits forged or fraudulent documents or instruments to any bank will be held criminally and civilly liable.