BSP to open currency exchange facility for Libyan Dinars

Bangko Sentral ng Pilipinas (Central Bank of the Philippines). Wikipedia photo

MANILA — Some Overseas Filipino Workers (OFWs) in Libya are adamant to go back to the Philippines despite the dangers from the on-going political tension noting that they cannot take hold of their Libyan Dinars (LYD), among others.

But for those who are lucky enough to bring home their hard-earned money they need not fear of totally being at the losing end.

This after the Bangko Sentral ng Pilipinas (BSP) on Thursday announced its decision to issue a Circular for the temporary conversion of Libyan Dinars to Philippine peso at up to P20,000 per eligible person.

In a statement, the central bank said it will open the LYD currency exchange facility (CEF) after the publication in a major daily of a copy of the Circular for this purpose.

It said the facility will be available for four months after the issuance of Circular.

Filipino workers who returned from Libya since May 29, 2014 can exchange their LYD at a rate based on latest available exchange rate using the BSP Reference Exchange Rate Bulletin.

Returning OFWs need to present original passport or original or certified true copy of the travel documents issued by the Philippine Embassy in Tripoli with exit stamp by Libyan authorities or authorities in countries where the Filipino workers exited.

The LYD can be exchanged for peso through the BSP’s main office in Manila, its regional offices and branches and authorized agent banks.

”The BSP’ activation of the facility is in line with the Philippine Government’s concerted efforts to assist OFWs returning from Libya,” the BSP said.

The soon-to-be-opened facility is the seventh that the BSP will put up to help OFWs who were forced to return home due to war.

The first CEF was opened in 1990 for OFWs affected by the Kuwait-Iraq war and this was followed in 2003 during the US-Iraq war; in 2006,Israel-Hezbollah conflict; 2001, Libyan conflict; and 2013, Syrian and Egyptian conflict.