Clarification on the implications of the repeal the Uniform Currency Law

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MAYNILA, PILIPINAS OFFICE OF THE GOVERNOR

CIRCULAR-LETTER Series of 2002

TO: ALL BANKS AND THEIR SUBSIDIARY/AFFILIATE FOREX CORPORATIONS

the implications of the repeal of the Uniform Currency Law on regulations governing foreign exchange transactions, as follows: The Monetary Board, in its Resolution No. 1231 dated August 29, 2002, clarified

to denominate transactions in currencies other than the Philippine peso, access to the banking system's foreign exchange resources continues to be governed by corporations and restrictions on resident-to-resident foreign exchange transactions which can not be funded with foreign exchange resources of the banking system. the sale of foreign exchange by banks and"their subsidiary/affiliate forex existing policies on foreign exchange transactions, i.e., Circular No. 1389, as amended, and other related issuances, including documentary requirements for While the repeal of the Uniform Currency Law authorizes Philippine residents

This circular takes effect immediately.

ARMANDO L. SURATOS Officer-in-Charge

September 2002

MAG-IMPOK SA BANgKO