CBL Says Tourism Companies and Hotels Can Apply for Letters of Credit.
Pulbished on:
Tripoli, 9 January 2019(Lana) The Central Bank of Libya has
announced that tourism companies and hotels can get letters of
credit.
The CBL Department for Banks and Monetary Supervision said it
has already started transactions regarding opening letters of credit
in favour of tourist companies and hotels.
In a memo addressed to the Chairman of the General Tourism Board,
the monetary regulatory body said it has issued circulation No 'ARMN
8/2018 to commercial banks, which regulates use of foreign currency
for the purpose of opening letters of credit with a ceiling of $3
million a year for services companies, and this includes hotels and
tourism companies.
However, the Chairman of the General Tourism Board has addressed
the Department for Banks and Monetary Supervision asking them to
treat GTB on bar with other commercial and industrial companies in
accordance with the regulations set by the Central Bank of Libya.
=Lana=