BSP terminates Syrian pound currency exchange facility

Posted at 01/24/14 3:45 PM

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) on Friday terminated the special Syrian pound currency exchange facility.

Starting January 25, the BSP said its cash department, regional offices, branches and authorized agent banks will no longer accept Syrian pounds for conversion to pesos.

The facility was set up last January 30, 2013 to help overseas Filipino workers, who returned home to escape the political unrest in Syria, exchange their Syrian pounds for pesos.

The Syrian pound currency exchange facility was initially established for only four months or up to May 30, 2013. However, due to the continuing conflict in Syria, the BSP reopened the facility for another six months from July 28, 2013 to January 24, 2014.

OFWs were allowed to exchange Syrian pounds for Philippine pesos, through the BSP, up to a maximum of P10,000 per person.

With the closure of the facility, anyone who wants to exchange their Syrian pounds for pesos will have to go to a money changer who may use unfavorable rates.