THE Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has approved the opening of a currency exchange facility (CEF) for Libyan dinars (LYD) in line with the government’s efforts to assist overseas Filipino workers (OFWs) returning from conflict-stricken Libya.
In a statement on Thursday, the central bank said the facility will allow OFWs and their families returning from Libya to exchange their Libyan dinars for Philippine pesos because at present, Libyan banknotes are not convertible to pesos.
The BSP explained that under the CEF, OFWs and their Libyan-based family members will be allowed to exchange their LYD holdings up to a maximum amount equivalent to not more than P20,000 per eligible person.
“The exchange may be done through the BSP head office, its regional offices and branches, as well as authorized agent banks,” it said.
To avail of the facility, OFWs and their family members shall present documentary proof of their travel from Libya (original passport or original or certified true copy of the travel document issued by the Philippine Embassy in Tripoli, with exit stamp by the Libyan authorities and /or authorities from other countries that served as exit points for repatriation).
The central bank said that the facility will be available for a period of four months reckoned from the affectivity date of the implementing circular or two days after publication.
Meanwhile, those who returned from Libya since May 9, 2014 can exchange their LYD for pesos until the facility closes.
“The LYD shall be converted to PHP based on the latest available exchange rate at the time of exchange as indicated in the BSP Reference Exchange Rate Bulletin,” the BSP said.