Circular No. 12/2023: Amendment of Documentary Credit Opening Procedures

The Central Bank of Libya has modified documentary credit (LC) regulations, tightening bill of lading date requirements while creating specific exemptions for bulk commodities and overland shipments from neighboring countries. Banks must now obtain customs declarations from Customs Authority directorate directors rather than local customs heads, with a three-month submission deadline.

Foreign suppliers face stricter LC compliance, particularly the requirement that bills of lading cannot predate LC opening (except 30-day grace for bulk oil, sugar, rice, and frozen meat). Companies importing via Tunisia, Egypt, or southern land borders (Niger, Chad, Sudan) gain clarity on acceptable overland documentation. The shift to directorate-level customs verification may introduce processing delays and adds a layer of bureaucratic risk for non-compliant suppliers.