By Luisa Maria Jacinta C. Jocson, Reporter
THE BANGKO SENTRAL ng Pilipinas (BSP) warned it will intervene in the foreign exchange market as the Philippine peso on Tuesday closed at the 58-per-dollar level for the first time in over 18 months.
“The BSP continues to monitor the foreign exchange market but allows the market to function without aiming to protect a certain exchange rate. Nonetheless, the BSP will participate in the market when necessary to smoothen excessive volatility and restore order during periods of stress,” BSP Governor Eli M. Remolona, Jr. said in a statement.
The peso closed at P58.27 per dollar on Tuesday, weakening by 37 centavos from its P57.90 finish on Monday.
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