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Termination of the BSP Currency Exchange Facility effective 1 July 2011

06.30.2011

BSP Governor Amando M. Tetangco, Jr. reminded the public today that the Libyan Dinar Currency Exchange Facility (CEF) will be terminated effective 1 July 2011 pursuant to Monetary Board Resolution No. 626 dated 28 April 2011. It will be recalled that the CEF was made available starting March this year to provide assistance to overseas Filipino workers (OFWs) evacuated from Libya due to the political conflict in the country.

Under the CEF, returning OFWs were allowed to exchange their Libyan Dinars (LYD) up to a maximum equivalent of PHP10,000.00 each at the BSP's head office and  branches in the regions, as well as with authorized agent banks.  As of  24 June 2011, 1,575 OFWs have availed of the CEF and exchanged a total of LYD371,925.00 for PHP12,312,075.73.

The BSP Cash Department, its regional offices/branches and authorized agent banks shall no longer accept Libyan Dinars for conversion to pesos effective 1 July 2011.

For inquiries, please contact the International Operations Department

E-mail: bspmail@bsp.gov.ph
Web: www.bsp.gov.ph
Telephone: (632) 708-7089
Fax: (632) 708-7485

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