BSP, banks to exchange Libyan Dinar for Pesos starting Monday
EFFECTIVE Monday all Filipino workers evacuated from Libya will be allowed to exchange their Libyan Dinar for Philippine pesos at all offices of the Bangko Sentral ng Pilipinas across the country and at all banks including bank branches at the airports.
The BSP clarified that this Currency Exchange Facility (CEF) is available exclusively for Overseas Filipino Workers (OFWs) displaced by the current situation in Libya. Each OFW will be allowed to exchange up to a maximum equivalent of ten thousand pesos (P10,000.00) in Libyan dinars.
The exchange shall be allowed only within seven (7) 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 BSP will accept Libyan dinar for conversion to Philippine pesos starting Monday, 07 March 2011 from 9:00 am to 2:00 pm. using the BSP exchange rates published daily in the BSP Reference Exchange Rate Bulletin.
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 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.