Reported 5 months ago
The Philippine central bank aims to reduce speculation in the foreign exchange market as the peso nears a record low. Governor Eli Remolona mentioned intervening in the market to stabilize the currency, which has depreciated by 3.5% this quarter, becoming one of the worst-performing currencies in emerging markets. The peso's decline was further fueled by Remolona's hint at potential benchmark rate cuts. The BSP may reduce rates by up to 50 basis points this year, with the first cut possibly in the third quarter.
Source: YAHOO