BSP Terminates Syrian Pound Currency Exchange Facility

Manila–(PHStocks)–The Bangko Sentral ng Pilipinas (BSP) is reminding the public of the termination of the Syrian Pound (SYP) Currency Exchange Facility (CEF) on 24 January 2014. The CEF is an initiative of the BSP to provide immediate liquidity assistance to overseas Filipino workers (OFWs) and their families repatriated from Syria due to political conflict in the country.

It will be recalled that the SYP CEF was initially established for a period of four (4) months from 30 January 2013 up to 30 May 2013. However, due to the continuing political conflict in Syria, the BSP re-opened the facility for a period of six (6) months starting from 28 July 2013 up to 24 January 2014.

The SYP CEF allowed returning OFWs and their family members to exchange SYP for Philippine peso (PHP) with BSP’s Head Office, regional offices and branches as well as authorized agent banks (AABs) up to a maximum equivalent of PhP10,000.00 per person.

Starting 25 January 2014, the BSP Cash Department, regional offices/branches and AABs shall no longer accept SYP for conversion to pesos.

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