Termination of the Lebanese Currency Exchange Facility (LCEF)
MEMORANDUM NO. M-2007 - 001
To : ALL BANKS
Subject : Termination of the Lebanese Currency Exchange Facility (LCEF)
In view of the improving situation in Lebanon and the reduced demand for conversion of Lebanese livres into Philippine pesos, the Monetary Board, in its Resolution No. 1558 dated 21 December 2006, decided to terminate the Lebanese Currency Exchange Facility (LCEF) for returning Overseas Filipino Workers (OFWs) from Lebanon implemented under MAAB No. M-2006-016 dated 25 August 2006.
Effective 15 January 2007, the BSP Cash Department, BSP Regional Offices and Branches, and authorized agent banks, particularly those with branches at the Philippine international airports, shall no longer accept Lebanese livres for conversion to pesos.
Please be guided accordingly.
DIWA C. GUINIGUNDO Deputy Governor
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