BSP opens currency exchange facility for OFWs with Syrian pound

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07:31 PM January 16th, 2013

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By: Michelle V. Remo, January 16th, 2013 07:31 PM

MANILA, Philippines — The Bangko Sentral ng Pilipinas has opened a currency exchange facility for the Syrian pound to service the foreign-exchange needs of overseas Filipino workers returning from conflict-torn Syria.

The facility will be open for four months, according to the BSP.

Prior to the opening of the facility, the Syrian pound was not convertible to pesos.

With the opening of the facility, OFWs based in Syria who decide to go home due to the conflict in the Middle Eastern country may exchange their currencies either through the BSP’s head office in Manila, its branches, or through various authorized banks.

Each individual is entitled to exchange a maximum amount of P10,000 worth of Syrian pound.

An individual availing himself of the currency-exchange service has to present any document proving his travel from Syria. The document may be his passport or a travel paper issued by the Philippine embassy in Damascus, the capital of Syria.

“The Syrian pound shall be converted to Philippine pesos based on latest available exchange rate at the time of exchange,” the BSP said.

According to Coinmill.com, one Philippine peso is equivalent to 1.75 Syrian pound.

The civil war in Syria involves the armed conflict between those loyal to the government, which is headed by President Bashar al-Assad, and those seeking an end to its five-decade rule.

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