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Philippine central bank says ready to manage market disruption as peso slumps

Philippine central bank says ready to manage market disruption as peso slumps

FILE PHOTO: A security guard stands beside a logo of the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) posted at the main gate in Manila, Philippines April 28, 2016. The Philippine central bank has foiled attempts to hack its website, its governor said on Thursday amid a warning from global financial network SWIFT about recent multiple cyber fraud incidents targeting its system. REUTERS/Romeo Ranoco/File Photo

MANILA : The Philippine central bank said on Tuesday it was taking steps to manage any disruption in the financial market, and urged participants not to take advantage of a peso currency hovering at record lows against the dollar.

The peso closed at a record 59 to the greenback on Monday, taking its year-to-date decline to 13 per cent, the most in Southeast Asia.

Policymakers have attributed the decline mainly to the dollar's strength.

"We ask those who have the means not to take undue advantage of changing market conditions," the Bangko Sentral ng Pilipinas said in a statement.

"This does not help the Philippine peso; it does not help the Philippines. What we can do is to bring all transactions into an organised and accessible formal market that offers consumer protection."

Source: Reuters
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