P40.11/DOLLAR AS CENTRAL BANK CANCELS POOL
Manila, Dec. 31, 1997 - The peso ends the year at P40.116 against the US dollar, as the central bank stopped a "dollar pool" scheme designed to strengthen the Philippine currency and stabilize foreign currency trading.
The peso average was P1.185 lower than last Wednesday's rate of P39.975, with very light trading totalling only $58.7 million.
The "dollar pool" was supposed to infuse as much as $150 million in the foreign exchange market, with the Bankers Association raIsing $50 million and the Bangko Sentral ng Pilipinas sourcing $100 million. It is believed that the scheme was halted in anticipation of pressure easing on the peso early next year.
Reported by: Sol Jose Vanzi
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