Philippine Central Bank Issues New Rules to Boost FX Oversight
- Rule changes won’t affect ability to buy, sell FX: economist
- Philippine peso has recovered some losses since June
Without providing details, the central bank said it revised the monetary penalties for reporting violations based on reporting entities and classification.
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The Philippine central bank on Wednesday announced a new set of foreign exchange guidelines seen to strengthen its market surveillance weeks after the peso neared a record low.
The Monetary Board has approved amendments to FX regulations to allow the central bank to gather “more accurate and relevant” information on FX transactions, the Bangko Sentral ng Pilipinas said in a statement. The move will “promote and maintain price stability and ensure financial stability and effective supervision of banks,” it said.