Philippine central bank says peso will remain market determined
[MANILA] The Philippine central bank is prepared to act to manage excessive currency volatility, its governor said, even as he reiterated policymakers will let market forces determine the exchange rate.
Amando Tetangco, governor of the Bangko Sentral ng Pilipinas (BSP), said the central bank will not go against the fundamentals driving the peso but it will "smoothen very sharp fluctuations in the exchange rate." "What we do is basically to make sure that the adjustments, whether upward or downward, are not destabilising," Mr Tetangco told Reuters late on Tuesday.
The Philippine peso hit a 4-1/2 month low on Tuesday, tracking regional peers. It opened slightly stronger to the dollar at 47.22 on Wednesday compared with its 47.32 close the previous day.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Oil prices steady after Iran plays down reported Israeli attack
G7 pledges swift aid for Ukraine, seeks to calm Middle East
H5N1 strain of bird flu found in milk: WHO
China moves to boost foreign investment in domestic tech companies
Xi orders China’s biggest military reorganisation since 2015
Warner Bros CEO earned US$49.7 million in strike-impacted year