Philippine Central Bank Signals Peso Intervention at 57 a Dollar
- Peso among the worst-performing Asian currencies this quarter
- BSP won’t intervene a lot if peso slides with other currencies
This article is for subscribers only.
Philippine central bank Governor Eli Remolona signaled officials are intervening to defend the peso at the 57-per-dollar level to prevent the currency from weakening further.
“There are resistance levels, and when those are crossed, you’ll suddenly see trades in the same direction. There’s herding,” Remolona said in an interview Monday, when asked if the central bank has been keeping the exchange rate from breaching 57 per dollar.