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CBL Issues Circulation on Opening Letters of Credit for Companies to Import Industrial Raw Materials.

Pulbished on:
Tripoli, 24 June 2015(Lana) The Central Bank of Libya has instructed commercial banks to facilitate the work of industrial companies which outsource their raw material from abroad. In a circulation to the banks, a copy of which was obtained by the Libyan news agency, CBL said priority should be given to opening letters of credit to companies to import materials they needed to pursue their activities, and to forward their applications to the Central Bank of Libya to provide the foreign currency. The CBL banks will be held responsible for the delay if any. The Bank was reacting to complaints by some companies of delays at the commercial banks in processing their applications for opening letters of credit. =Lana=