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Philippines central bank admits rigging currency market
From ABS-CBN News, Quezon City, Philippines
Thursday, July 6, 2017
http://news.abs-cbn.com/business/07/06/17/central-bank-actively-managing...
MANILA -- The Bangko Sentral ng Pilipinas is "actively managing excessive volatility" in the currency market, Governor Nestor Espenilla said today, as the peso hovered at its weakest level against the dollar in a decade.
The peso's weakness was due to the normalization of ultra-easy monetary policy in the United States and rising borrowing costs in Europe and Japan, Espenilla said in a statement.
"The latest peso movements broadly reflect prevailing market conditions and underlying economic fundamentals, in line with the BSP exchange rate policy," Espenilla said.
"BSP is nevertheless actively managing excessive volatility. This is business as usual," he said.
The peso opened at P50.53 against the dollar on Thursday from P50.60 on Wednesday.
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