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Philippines : BSP Opens Currency Exchange Facility for Filipino Returnees from Libya

August 8, 2014

The Monetary Board approved the opening of a Currency Exchange Facility (CEF) that will allow overseas Filipino workers (OFWs) and their families returning from Libya to exchange Libyan Dinars (LYD) for Philippine pesos (PHP). At present, the Libyan banknotes are not convertible to pesos.

The BSP s activation of the facility is in line with the Philippine Government s concerted efforts to assist OFWs returning from Libya. Under the CEF, OFWs and their Libyan-based family members will be allowed to exchange their LYD holdings to PHP up to a maximum amount equivalent to not more than PHP20,000.00 per eligible person. The exchange may be done through the BSP Head Office, its Regional Offices and branches, as well as authorized agent banks. OFWs and their family members shall present documentary proof/s of their travel from Libya (original passport or original/certified true copy of the travel document issued by the Philippine Embassy in Tripoli with exit stamp by Libyan authorities and/or authorities from other countries that served as exit points for repatriation). The facility shall be open to those who have returned from Libya from 29 May 2014 and shall be available for a period of four (4) months starting from the effectivity date of the Circular to be issued for its implementation, or two (2) days after its publication in a newspaper of general circulation.

The LYD shall be converted to PHP based on the latest available exchange rate at the time of exchange as indicated in the BSP Reference Exchange Rate Bulletin. The covering BSP Circular in this regard will be issued shortly and posted at the BSP website.

The LYD CEF is the seventh facility established by the Bangko Sentral. The other facilities implemented in previous years, including one also involving the LYD, were as follows: (a) 1990 (Kuwait - Iraq war); (b) 2003 (US - Iraq war); (c) 2006 (Israel - Hezbollah conflict); (d) 2011 (Libyan conflict); (e) 2013 (Syrian and Egyptian conflict).

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Source: TendersInfo (India)

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