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PHILIPPINES: BSP Governor Does Not Rule Out PHP Hitting Fresh Record Low

PHILIPPINES
EM BulletPhilippinesBulletAPACEmerging Market News

Speaking in an interview with Bloomberg, Philippine central bank Governor Eli Remolona isn’t ruling out the possibility of the peso hitting a fresh record low of 60 to a dollar, but monetary authorities will ensure that a fall to such a level won’t be abrupt. Selected highlights below (via BBG):

  • “It could,” Remolona said late Wednesday when asked about the prospects of the local currency hitting 60 per dollar. “But we want it to be orderly and not sudden. We don’t want a one-sided market.”
  • The exchange rate hitting a round number has a “psychological effect” and could spur a continuous move
  • Remolona said he’s comfortable with the peso’s current level, adding the Bangko Sentral ng Pilipinas has intervened in the foreign-exchange market in “small amounts” recently.
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Speaking in an interview with Bloomberg, Philippine central bank Governor Eli Remolona isn’t ruling out the possibility of the peso hitting a fresh record low of 60 to a dollar, but monetary authorities will ensure that a fall to such a level won’t be abrupt. Selected highlights below (via BBG):

  • “It could,” Remolona said late Wednesday when asked about the prospects of the local currency hitting 60 per dollar. “But we want it to be orderly and not sudden. We don’t want a one-sided market.”
  • The exchange rate hitting a round number has a “psychological effect” and could spur a continuous move
  • Remolona said he’s comfortable with the peso’s current level, adding the Bangko Sentral ng Pilipinas has intervened in the foreign-exchange market in “small amounts” recently.