Certificate of Inspection for Exports and Imports into Libya
Following publication of a Resolution (No. 96 of year 2015) by the Governor of the Central Bank of Libya on May 10, 2015, all goods and services imported to Libya will require a Certificate of Inspection.
The new Resolution regulates the use of foreign exchange for opening documentary Letters of Credit (LC). With immediate effect, all goods and services imported to Libya must present a Certificate of Inspection (CoI) issued by an international inspection company, in order to be financed through a documentary LC from a commercial bank.
The resolution includes new procedure requirement for issuance of LC by commercial banks. The notable procedure of this resolution is:
- All commercial banks operating in the field for opening LC for the purpose of importing products from abroad are obliged to obtain a certificate issued from an international inspection company of the imported products as part of the standard procedures to open LC.
- Payment by way of collection against documents for goods import purposes to public and private sectors via all commercial banks operating in Libya, is temporarily stopped. All processes of goods and services importation from abroad shall be financed by documentary LC to be opened for this purpose, under the currently effective rules.
- Payment by (Transferable LC) in all commercial banks shall be stopped and all banks shall have to add in this condition within the conditions of opening LC for importation from abroad.
Exporters and importers of regulated products to Libya can contact Chamber International to obtain more information on the programme and also apply for CoI for obtaining the LC from the concerned banks.
Contact our specialist Lydia Moi on 0845 034 7200 or by email for further details.
Apply NOW from anywhere in the UK by contacting our specialist Lydia Moi on 0845 034 7200 or email