Termination of the Currency Exchange Facility (CEF) for returning Overseas Filipino Workers
MEMORANDUM Series of 2003
TO: All Authorized Agent Banks
The Monetary Board, in its resolution No. 577 dated April 24, 2003 decided to terminate the Currency Exchange Facility (CEF) for returning Overseas Filipino Workers implemented under MAAB dated March 19, 2003.
Effective May 15, 2003, the BSP Cash Department, BSP Regional Offices, and authorized agent banks, particularly those with branch offices at the Philippine international airports, shall no longer accept for conversion to pesos the following Middle East currencies:
a. Iraqi Dinars (ID) b. Kuwaiti Dinars (KD) c. Israeli Shekel (IS) d. Turkish Lira (TL)
Please be guided accordingly.
RAFAEL B. BUENAVENTURA Governor
More in BSP Memoranda
- Guidelines on the Electronic Submission of DDA Reconciliation Statement Report through the BSP Financial Institution Portal (FI Portal)(BSP Memoranda No. M-2022-037)
- ATM Availability and Preparedness Program During Long Holidays(BSP Memoranda No. M-2012-015)
- Amendments to the Standard Operating Procedures for Philippine Holidays in View of the Corona Virus Disease 2019 (COVID-19) Outbreak(BSP Memoranda No. M-2020-013)
- MB Resolution No. 705 dated 24 May 2010 - Placement of BMS Rural Bank, Inc. Under Receivership(BSP Memoranda No. M-2010-009)
- MB Resolution No. 372-A dated 17 March 2011 - Placement of the Banco Filipino Savings and Mortgage Bank under Receivership(BSP Memoranda No. M-2011-016)
- Submission of Certification on Monitoring Compliance with existing Anti-Money Laundering (AML) Regulations for all Banks is no longer required(BSP Memoranda No. M-2011-014)
- Moratorium on the Approval of Hybrid Tier 1, Tier 2 and Other Redeemable Capital Instruments(BSP Memoranda No. M-2010-037)
- MB Resolution No. 1637 dated 11 December 2008; Placement of the Rural Bank of San Jose (Batangas), Inc. Under Receivership(BSP Memoranda No. M-2008-039)
Want an analysis of this document?
Ask ASG Legal AI to summarize it, compare it with other rulings, or explain how it applies to your situation — it researches from this same library.