BSP CIRCULAR NO. 162, April 07, 1998
AMENDMENT OF BSP CIRCULAR NO. 138 SALES OF FOREX
National Administrative Register April 7, 1998
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