IMPLICATIONS OF THE REPEAL OF THE UNIFORM CURRENCY LAW ON REGULATIONS GOVERNING FOREIGN EXCHANGE TRANSACTIONS
The Monetary Board, in its
Resolution No. 1231 dated August 29, 2002, clarified the implications of
the repeal of the Uniform Currency Law on regulations governing foreign
exchange transactions, as follows:
While the repeal of the Uniform
Currency Law authorizes Philippine residents to denominate transactions
in currencies other than the Philippine peso, access to the banking
system’s foreign exchange resources continues to be governed by existing
policies on foreign exchange transactions, i.e., Circular No. 1389, as
amended, and other related issuances, including documentary requirements
for the sale of foreign exchange by banks and their
subsidiary/affiliate forex corporations and
restrictions on resident-to-resident foreign exchange transactions which
can not be funded with foreign exchange resources of the banking
system.
This Circular takes effect immediately.
Adopted: 24 Sept. 2002
(SGD.) ARMANDO L. SURATOS
Officer-in-Charge