Our source has obtained correspondence from the Central Bank of Libya addressed to commercial banks, stressing the need for full compliance with previously issued instructions prohibiting the granting of credit facilities or financing in the form of advances and overdrafts to all corporate entities.
The Central Bank added that banks are required to comply with these instructions and submit detailed statements to the Currency Control Department covering all advance and overdraft accounts granted by their banks during 2026.
The deadline for submission was set for May 18, and the banks will be subject to both off-site and on-site inspections to monitor the extent of their compliance with all instructions.
