THE peso fell to an 18-month low on Tuesday to P58.27 against the dollar, prompting the Bangko Sentral ng Pilipinas (BSP) to declare that it was ready to intervene if 'necessary.'
THE peso fell to an 18-month low on Tuesday to P58.27 against the dollar, prompting the Bangko Sentral ng Pilipinas to declare that it was ready to intervene if 'necessary.''The peso weakened beyond 58 to the US dollar today, in line with other currencies in the region,' central Governor Eli Remolona Jr. said in a statement on Tuesday, adding that the greenback had strengthened after the US Federal Reserve had signaled a delay in cutting interest rates.
Adding to the currency's recent weakness, he said, were 'statements by several Fed officials last night reiterating hawkishness and last week's dovish BSP sentiment which seem to have carried over in yesterday's and today's session.'The central bank's benchmark rate currently stands at 6.5 percent, the highest since 2007, after rate hikes totaling 450 basis points. The federal funds rate, meanwhile, is at an over 20-year high of 5.25 to 5.5 percent.
Ready To Intervene As Peso Falls
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