CENTRAL BANK INTERVENTION SAVES PESO, NOW P33.92/DOLLAR
Manila, Nov. 15, 1997 - The Bangko Sentral ng Pilipinas intervened yesterday to soften the slide of the Philippine peso, selling $5 million at the currency electronic exchange Philippine Dealing System. The intervention led to a "minor" decline, with the peso losing 30.2 centavos to deal at P33.922 from the previous P33.62 to $1.
BSP governor Gabriel Singson said that if the exchange rate deteriorates, prices tend to go up and wreak havoc on the country's monetary targets.
He was optimistic that confidence on the peso has returned as that interest rates will continue to fall.
Reported by: Sol Jose Vanzi
© Copyright, 1997
All rights reserved