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  • Writer's pictureBy The Financial District

Peso More Stable Now --- BSP

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco G. Dakila Jr. said that the peso, at mid-P56 versus the US dollar, is "much more stable" today compared to the same period last year.


The BSP's aggressive nine consecutive rate hikes, which brought the key rate to 6.25% as of March this year, have been sufficient to stabilize the exchange rate.



He also mentioned that the BSP's aggressive nine consecutive rate hikes, which brought the key rate to 6.25% as of March this year, have been sufficient to stabilize the exchange rate.


According to him, "There was intervention by the BSP in the market to calm the foreign exchange market (in late 2022), and also adjustments in the policy interest rate have implied that the peso has now become much more stable."



Dakila is currently in Dubai, United Arab Emirates, as a member of the administration's economic team that held a Philippine Economic Briefing on September 12, its first in the Middle East.


The BSP official assured investors and market traders that the central bank will continue to allow the peso to be influenced by market sentiments and that its hawkish stance is "good for the peso."




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