BSP mulls extending period for exchanging Libyan dinar

The Bangko Sentral ng Pilipinas (BSP) is mulling the extension of the one-week period given to overseas Filipino workers (OFWs) from strife-torn Libya for exchanging Libyan dinars for pesos. In an interview over radio dzBB on Monday, BSP Financial Consumer Affairs acting deputy director Belinda Caraan said the BSP may extend the period although this is not included in the special memo on exchanging dinars. “Pwede pag-aralan. Pero sa ngayon walang nakasulat sa memorandum circular ng posibleng extension. Makipag-ugnayan lang sila sa BSP para malaman kung may extension na darating," Caraan said. (This can be studied. However, as of now, there is nothing in the memorandum circular about a possible extension. They can just coordinate with the BSP to know if there will be an extension. Under Section 4 of Memorandum M-2011-012, “Exchange shall be allowed only within seven (7) banking days from date of arrival or from the date of issuance of the implementing BSP Memorandum to All Banks, whichever is applicable, through banks and/or with the BSP Cash Department (Head Office) and/or BSP Regional Offices/Branches." Before the BSP issued the circular, Libyan dinars were not permitted to be exchanged for Philippine pesos. However, the BSP allowed OFWs who were evacuated from Libya to exchange their Libyan dinars for Philippine pesos at all offices of the BSP and at all banks, including bank branches at the airports starting on Monday. The BSP clarified that this Currency Exchange Facility (CEF) is available exclusively for OFWs displaced by the current situation in Libya. Under the memorandum circular, each OFW will be allowed to exchange up to a maximum equivalent of P10,000 in Libyan dinars. The exchange shall be allowed only within seven banking days from the date of arrival of the OFW or from the date of issuance of the implementing BSP memorandum to all banks. In the meantime, she said OFWs from Libya can avail of this opportunity by exchanging their dinars at the airport. “24 hours [pwedeng magpapalit] sa airport. Pwede ang bangkong may sangay sa airport," she said. (At the airport, the currency exchange facility is open 24 hours a day. They can go to banks with branches at the airport.) Express lanes Meanwhile, Caraan said they are leaving it to private banks to set up express lanes for OFWs, saying the memorandum circular does not expressly provide for it. “Depende sa assessment ng bangko saan mapapabilis ang pagpalit ng dinar (It depends on the assessment of the individual banks)," she said. – VVP, GMA News