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Philippine Peso Hits Record Low; Bank Intervenes
28 Jul
Summary
- Central bank intervened to defend the peso.
- The currency weakened to a record low last week.
- Intervention aimed to maintain orderly markets.
The Philippine central bank engaged in limited intervention last week to support the national currency as it reached a record low. Governor Eli Remolona indicated that these actions were specifically aimed at maintaining orderly market conditions, especially during a period characterized by a strong US dollar.
Remolona emphasized that the central bank's approach to intervention is strategic, focusing on stability rather than extensive market manipulation. The peso's slide to a historic low prompted these cautious measures by the monetary authority.
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