Peso not in freefall: Philippine central banker
He tries to soothe frayed forex nerves after the currency hits 11-year low
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Manila
THE Philippine central bank on Sunday sought to soothe frayed nerves in the foreign exchange market after the peso hit an 11-year low, saying it was not in a freefall and assuring it would be on guard against excessive volatility.
"Let's calm down," Bangko Sentral ng Pilipinas (BSP) governor Nestor Espenilla said in a statement, downplaying the peso's slump to 51.08 to the dollar on Friday, its weakest since August 2006. Most emerging Asian currencies fell on Friday as investors dumped riskier assets amid a sharp escalation in tensions between the United States and North Korea.
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