The Central Bank of Libya has granted permission for 53 companies to import food supplies by means of Cash Against Documents according to the terms and conditions put forth by the Central Bank of Libya.
The permission includes approval to import food supplies, for the upcoming holy month of Ramadan, and work is underway to complete the approvals for a number of other companies that have applied.
The bank has implemented mandatory and obligatory terms and conditions for the companies that have applied through their banks to be granted permission, these terms and conditions are as follows:
- To fill in a pledge by the company commissioner.
- To provide a full set of original bills of lading.
- Submit original commercial invoices.
- Submit an original certificate of Origin stating that the goods are supplied from the country of export.
- A certificate from the relevant authorities in the exporting country stating that the product is not expired and fit for human consumption.
- Provide a weight certificate and a packing list.
- The company pledge stating its commitment to withdraw goods from the customs hanger within a week from the date of receipt of the documents and to provide the customs declarations to the Central Bank of Libya through the commercial bank in which the company’s holds its account.
- The commercial bank must ensure, prior to requesting foreign currency coverage, that the company has been registered in the Central Bank of Libya system and has ascertained the CBL CLIENT KEY.
- The deadline for the receiving of goods by means of Cash Against Documents is 31 May 2016.
- The deadline for payment for Cash Against Documents is 5 June 2016.
- Provide a Certificate of Inspection and Preview by an approved local inspection company provided by the competent authorities at the port of arrival and approved and authenticated by the bank in which the company’s account is located.
- Implementation of the circulated application form by the circular letter reference (129/2006) dated 28/12/2006, attached with the documents sent from the commercial bank to the Customs authority.
- A written pledge from the owner of the goods stating that he will sell the product at the cost price plus an acceptable profit margin.
