PESO RISE PUZZLES BANKERS
Manila, Jan. 15, 1998 - The peso continued to rebound yesterday, recovering for the fourth straight trading day. The Philippine currency was up at P43.611 to the US dollar, up from 44.073 last Monday.
The peso's recovery was so fast that Bankers Association President Deogracias Vistan is worried. "It is uncanny that the peso is appreciating so much while other currencies in the region are depreciating," he said.
Although he warned of the possibility that speculators might find the situation inviting, Vistan said the improvement in the peso-dollar exchange rate showed that the "contagion effect" of the regional currency crisis could be broken.
Reported by: Sol Jose Vanzi
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