Forex gains boost BSP’s 9-month profit to P95 billionMANILA, Philippines — The gains from foreign exchange transactions boosted the nine-month profit of the Bangko Sentral ng Pilipinas (BSP) to P94.58 billion, 62 percent higher than the P58.42 billion recorded in the same period last year. The BSP books gains or losses from fluctuations in foreign exchange rates on matured, sold, paid and exchanged or settled foreign exchange assets and liabilities. It participates in the foreign exchange market is limited to temper sharp fluctuations in the exchange rate. However, this was offset by the 85.1 percent plunge in miscellaneous income to P6.69 billion from P45.05 billion. On the other hand, the total expenses increased by 14.6 percent P92.24 billion from P80.47 billion as interest expenses grew by 18.4 percent to P53.29 billion from P45.01 billion while other expenses inched up by 9.8 percent to P38.95 billion from P35.47 billion.

Source: Philippine Star December 13, 2022 01:00 UTC