đź“· Bilyonaryo
Bangko Sentral ng Pilipinas Governor Eli Remolona said that the central bank is only intervening in the foreign exchange market to control speculations as the Philippine Peso further depreciated against the US Dollar.
In an event in Manila on Wednesday night, Remolona told reporters that the BSP only made minor market interventions earlier this week.
“In situations in which the peso depreciates, there’s a tendency for stress; the dealers, the traders, they tend to offer big amounts when they’re trying to sell the peso,” Remolona said.
“Sometimes the price fluctuates more than before, so we try to control that,” he added.
Remolona said the BSP does not constantly interfere in the foreign exchange market. In the event that BSP steps in, “it’s very modest.”
“We want those who really need dollars to get the dollars at reasonable prices,” Remolona also said.
Data from the Bankers Association of the Philippines showed that the Philippine Peso weakened against the US Dollar by 7 centavos to P58.13 per dollar on Thursday from P58.06 last Wednesday.
The peso opened Thursday’s session at P58.15 against the dollar. The local unit traded between P58.30 to P58.13, averaging P58.215.
Total volume of trade increased to $1.265 billion from $1.292 billion the previous day. (TCSP)
