Manila ready to rein in peso volatil­ity

The Sun (Malaysia) - - SUNBIZ -

MANILA: The Philip­pine cen­tral bank will not hes­i­tate to in­ter­vene in the cur­rency mar­ket if move­ments in the peso ver­sus the dol­lar be­come ex­ces­sive, gov­er­nor Amando Tetangco said yes­ter­day.

“Our pol­icy has al­ways been to al­low mar­ket forces to de­ter­mine the ex­change rate of the peso but if we see move­ments that are ex­ces­sive ... we will not hes­i­tate to par­tic­i­pate in the mar­ket to keep volatil­ity in check,” said Tetangco.

Ear­lier this week, the peso fell to its weak­est against the dol­lar since 2008. Tetangco said the peso’s de­cline was in line with losses in emerg­ing mar­ket cur­ren­cies driven by ex­pec­ta­tions of a US in­ter­est rate hike next month. – Reuters

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