BSP Governor Amando M. Tetangco, Jr. announced that the Monetary Board decided today to terminate, effective 1 July 2011, the Currency Exchange Facility (CEF). Under the facility, evacuated OFWs from Libya may exchange with the BSP or with authorized agent banks (AABs) their Libyan dinars up to a maximum equivalent of PHP10,000. Prior to the CEF, Libyan currencies were not convertible into Philippine pesos.
The establishment of the facility in March this year was in line with the government’s initiatives to assist OFWs who were displaced by the conflict in Libya. BSP had previously established three similar CEFs during emergency situations in other parts of the Middle East.
Considering, however, the observed decline in transactions under the CEF, the BSP Cash Department, BSP Regional Offices/Branches, and AABs, shall no longer accept Libyan dinars for conversion to pesos effective 1 July 2011.