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BSP Sets Deadline of Currency Exchange Assistance for Middle East-Based OFWs

05.15.2003

The Bangko Sentral ng Pilipinas announced that today, May 15, 2003, is the deadline for its acceptance of currencies of Kuwait, Iraq, Israel and Turkey from returning overseas Filipino workers for conversion to pesos.

With the war in Iraq over, the BSP said there is no more need for such facility.  It will be recalled the BSP set up the currency exchange facility in February as a special service to OFWs who may be forced to return to the country as a result of the escalating tension in the Middle East.

The currencies from these countries - Iraqi dinar, Kuwaiti dinar, Israeli shekel and Turkish lira - do not form part of our international reserves.

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