Economics
Peso Slumps as Philippines Makes Surprise Central Bank Pick
- Diokno says goal is sustainable growth, stable prices
- Currency drops most since 2013 as inflation returns to target
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Philippines President Rodrigo Duterte surprised central bank watchers by naming his budget secretary on Monday as governor of the monetary authority. The peso slumped the most in more than five years.
Benjamin Diokno, 70, will succeed Nestor Espenilla, who died in February after a battle with cancer. The new Bangko Sentral ng Pilipinas governor will serve the remainder of his predecessor’s six-year term ending in mid-2023.