The Bangko Sentral ng Pilipinas (BSP) recently announced that repatriated overseas Filipino workers (OFWs) from Libya can now exchange their Libyan dinars in the Philippines. The new BSP memorandum states that Libyan dinars can be exchanged to pesos to commercial and central banks in the country but there is a limit of Php10,000 and they should exchange the currency within one week after arriving in the Philippines. The OFW is also required to show proof that they had worked in Libya such as passport and other travel documents.

In a statement, the BSP said, "The Monetary Board approved today the opening of a Currency Exchange Facility that will allow OFWs who evacuated from Libya to exchange Libyan dinars for Philippine pesos."

Diwa Guinigundo, the BSP Deputy Governor said, “The BSP will set the peso-dinar exchange rate with which it will buy the Libyan currency from OFWs and banks that bought the North African notes under the facility.”

The BSP also added that that the dinar-peso exchange rate will be posted in the BSP Reference Exchange Rate Bulletin daily. As of this writing, exchange rate for the Libyan dinar is 1.23 to USD1.

Guinigundo said, “Banks with branch offices at the airports may extend banking hours, as needed, to service currency conversion requirements of returning OFWs,"