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(NAR) VOL. 9 NO. 2 / APRIL - JUNE 1998
[ BSP CIRCULAR NO. 162, April 07, 1998 ]
AMENDMENT OF BSP CIRCULAR NO. 138 SALES OF FOREX
Pursuant to Monetary Board Resolution No. 475 dated 25 March 1998, Section 2 of Central Bank Circular No. 1389, as amended by BSP Circular No. 138 dated 31 July 1997, is further amended so as to reduce, from up to US$25,000.00 to up to US$10,000.00, the amount of foreign exchange (forex) which authorized agent banks (AAB) may sell to residents for any non-trade purpose, without need of appropriate documentation.
Consequently, for sales of forex exceeding US$10,000.00, the AAB shall require a written notarized application and supporting documents from the purchaser.
This Circular shall take effect immediately.
Adopted: 7 April 1998
(SGD.) EDGARDO P. ZIALCITA
Officer-In-Charge
Consequently, for sales of forex exceeding US$10,000.00, the AAB shall require a written notarized application and supporting documents from the purchaser.
This Circular shall take effect immediately.
Adopted: 7 April 1998
(SGD.) EDGARDO P. ZIALCITA
Officer-In-Charge