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BSP opens currency exchange facility for returning Pinoys from Iran, Iraq, Lebanon


The Bangko Sentral ng Pilipinas (BSP) on Tuesday announced a currency exchange facility (CEF) for overseas Filipinos (OFs) hit by conflict in Iran, Iraq, and Lebanon.

In a statement, the BSP said the Monetary Board (MB) approved the opening of a multi-currency CEF to allow returning OFs and their families to exchange their Iraqi Dinar (IQD), Iranian Rial (IRR), and Lebanese Pound (LBP) into Philippine pesos for up to P20,000 per eligible person.

"The facility is open to returning OFs from 8 January 2020," the central bank said in an emailed statement.

"However, in view of the enhanced community quarantine (ECQ) being implemented in various parts of the country, the covering Circular will be published once ECQ is lifted. The CEF will be available for four (4) months starting from the effectivity date of the said Circular," it added.

According to the BSP, OFs and their family members who wish to avail of the facility need to present documentary proof of travel to the said countries, such as their original passport, and the certified true copy of travel document issued by the Philippine Embassy.

"The exchange may be done through the BSP Cash Department Head Office (Manila) or Quezon City, BSP Regional Offices and Branches, as well as authorized agent banks," it said. -MDM, GMA News

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