Printer Friendly

Philippine central bank revises currency exchange ratio.

Global Banking News-12 May 2008-Philippine central bank revises currency exchange ratio(C)2008 ENPublishing -

Global Banking News - 12 May 2008(c)2005 - Electronic News Publishing -

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.'

[Editorial queries for this story should be sent to]

((Distributed via M2 Communications Ltd -
COPYRIGHT 2008 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2008 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Global Banking News (GBN)
Date:May 12, 2008
Previous Article:Barclays Bank rules out another share issue.
Next Article:HSBC may report further writedowns.

Related Articles
CE Casecnan Water & Energy Upgraded; Off S&PWatch
Philippines won't fix peso exchange rates.
Philippine central bank ready to provide ample liquidity.
Moody's upgrades rating on Philippine National Bank.
Philippine central bank says bad loan ratios of thrift banks have improved.
Philippine central bank eases rules on FX sales.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters