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LIBYAN ARAB JAMAHIRIYA,PHILIPPINES : BSP, banks to exchange dinar to pesos starting today.

Repatriated overseas Filipino workers (OFWs) from Libya can exchange their Libyan dinar for Philippine pesos starting today at all offices of the Bangko Sentral ng Pilipinas nationwide and at all banks including bank branches at the airport.

The BSP will accept Libyan dinar for conversion to Philippine pesos starting Monday, 7 March from 9 am to 2 pm. using the BSP exchange rates published daily in the BSP Reference Exchange Rate Bulletin.

Each OFW will be allowed to exchange up to a maximum equivalent of P10,000 in Libyan dinars.

The BSP and the banks require the OFWs to present pertinent documents such as passport or valid travel papers issued and signed by the Philippine Embassy and stamped with the date of the their arrival in the Philippines.

The Currency Exchange Facility (CEF) is available exclusively for OFWs displaced by the current situation in Libya.

The exchange shall be allowed only within seven banking days from the date of arrival of the OFW or from the date of issuance of the implementing BSP memorandum to all banks.

In approving the CEF, the Monetary Board (MB) took into account the crisis situation in Libya that prevented our OFWs from converting their Libyan dinars to other acceptable foreign currency.

The guidelines covering the CEF are covered by MB Resolution No. 307 dated 03 March 2011 and issued under Memorandum to All Banks No. M-2011-012 dated 03 March 2011.

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Publication:Mena Report
Geographic Code:6LIBY
Date:Mar 8, 2011
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