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Philippine central bank revises currency exchange ratio.

Global Banking News-12 May 2008-Philippine central bank revises currency exchange ratio(C)2008 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 12 May 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

The Bangko Sentral ng Pilipinas, the Philippine central bank, has revised its assumption on the peso-dollar exchange rate for this year.

The bank revised its assumption for this year and the next to a range of 42 to 45 pesos to USD1.

The last assumption highlighted a weaker peso. The revision has been made to incorporate more volatile external market conditions caused by the global downturn.

In its latest quarterly inflation report, the central bank said, 'Going forward, the value of the peso will be affected by several factors. On the upside, the projected strong dollar inflows from overseas Filipino remittances, export earnings and foreign direct and portfolio investments could prop up the peso.'

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Publication:Global Banking News (GBN)
Date:May 12, 2008
Words:171
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