BSP to open Libya dinar exchange facility for OFWs

MANILA, Philippines - A Libyan dinar exchange facility will be made available for returning overseas Filipino workers affected by the continuing conflict between Libya and Syria, the Bangko Sentral ng Pilipinas said.

 “At present, the Libyan banknotes are not convertible to pesos... The BSP’s activation of the facility is in line with the Philippine government’s concerted efforts to assist OFWs returning from Libya,” the central bank said.

The BSP said the currency exchange facility will allow OFWs and their Libyan-based family members to convert their Libyan dinars up to a maximum amount equivalent to P20,000.

The facility will be made available at the BSP head office, its regional offices and branches, and authorized agent banks as well.

Eligible OFWs are those who have returned from Libya from May 29, the BSP said.

Those wanting to exchange their Libyan dinars into Philippine pesos should present proof of their travel from Libya such as their original passport or travel document issued by the Philippine Embassy in Tripoli with an exit stamp by Libyan authorities or from other countries that served as exit points for repatriation.

“The Libyan dinar shall be converted to Philippine peso based on the latest available exchange rate at the time of exchange as indicated in the BSP Reference Exchange Rate Bulletin,” the BSP said.

This facility is the seventh currency exchange facility put up by the central bank to serve returning overseas Filipinos.

Moreover, the BSP earlier has established Libyan dinar exchange following the Kuwait-Iraq war in 1990, the US-Iraq war in 2003, the Israel-Hezbollah conflict in 2006, the Libyan conflict in 2011, and the  Syrian-Egyptian conflict in 2013.