BSP closes Syrian currency exchange facility

MANILA, Philippines - The central bank closed yesterday its Syrian pound currency exchange facility, earlier meant to provide immediate liquidity assistance to returning overseas Filipino workers.

In a statement, the Bangko Sentral ng Pilipinas (BSP) announced the termination of the temporary facility put up for overseas Filipino workers and their families on the back of ongoing political conflict in Syria.

“The (facility) allowed returning OFWs and their family members to exchange (Syrian pound) for Philippine peso with BSP’s head office, regional offices, and branches as well as authorized agent banks up to a maximum equivalent of P10,000 per person,” the central bank said.

The Syrian pound currency exchange facility was initially established for four months, from Jan. 30, 2013 to May 30, 2013.

But due to the repatriation of Filipinos from Syria due to still ongoing conflict, the facility was reopened for another six months from July 28, 2013 to Jan. 2, 2014.

The BSP establishes currency exchange facilities to assist OFWs, particularly those displaced due to conflicts in the countries they are working in.

The first currency exchange facility was  made available in 1990 during the Kuwait-Iraq war, then another in 2003 during the US-Iraq war.

The central bank also created the same facility in 2006 during the Israel-Hezbollah conflict, and one in 2011 during conflicts in Libya and Syria.