Our official source at the Central Bank of Libya stated exclusively: “Non-compliance by banks with the Central Bank’s instructions is a serious violation that must be corrected, and strong measures will be taken against any bank that has breached the Central Bank’s directives.”
The source added: “There are indications that the managements of some banks have bypassed the regulations on opening letters of credit, engaged in cover-up maneuvers, and issued partially uncovered credits. Penalties will extend to bank managers, credit committees, compliance directors, and audit managers.”
