Double-barreled approach deployed to stabilize pesoMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has committed to maintain its double-barreled response to ensure orderly foreign exchange market condition and reduce excessive short-term volatility in the exchange ratThe Bangko Sentral ng Pilipinas (BSP) has committed to maintain its double-barreled response to ensure orderly foreign exchange market condition and reduce excessive short-term volatility in the exchange rate. “Similar to other currencies, the peso remains heavily influenced by the aggressive policy tightening by the US Fed,” she said. “The approach has been to smooth out excess daily volatility rather than defend a specific level or trend of the peso. We believe that the double-barreled response of the BSP was appropriate to ensure orderly market condition and reduce excessive short-term volatility in the exchange rate market,” Sicat said. The BSP official pointed out that the central bank is always ready to participate in the foreign exchange market to ensure orderly market conditions and reduce excessive short-term volatility.

Source: Philippine Star October 20, 2022 16:53 UTC