BSP to exchange Libyan dinar for displaced OFWs

CEBU, Philippines - The Bangko Sentral ng Pilipinas has advised returning overseas Filipino workers from Libya and their families that they can exchange their Libyan dinar into peso in its reopened currency exchange facility.

The central bank said the exchange can be done in its head office, regional offices and branches and also authorized agent banks. Libyan banknotes are currently not convertible to pesos.

BSP Cebu acting director Leonides Sumbi said OFWs displaced by the conflict in Libya can exchange up to P20, 000 provided they have documentary proof of travel from Libya.

The needed proofs include original passport or original/certified true copy of the travel document issued by the Philippine Embassy in Tripoli with exit stamp by Libyan authorities and/or authorities from other countries that served as exit points for repatriation.

The CEF was initially opened from Aug. 11 to Dec. 9 last year but the central bank’s Monetary Board approved the facility’s six-month extension.

The objective, Sumbi said, is to help repatriated overseas workers convert their earnings into Philippine peso.

LYD shall be converted to PHP based on the latest available exchange rate at the time of exchange. The LYD-CEF is the seventh facility established by BSP due to the Libyan conflict. — Carlo S. Lorenciana (FREEMAN)