The Business Times
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Peso not in freefall: Philippine central banker

He tries to soothe frayed forex nerves after the currency hits 11-year low

Published Sun, Aug 13, 2017 · 09:50 PM

    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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