BSP keeps peso stable as market awaits next rate hike

BSP Governor Eli M. Remolona said the peso vis-à-vis the US dollar will move – either to depreciate or appreciate -- depending on how the BSP can calm markets ahead of its Aug. 17 Monetary Board policy meeting.During the weekly Chat with SBED on Friday, Aug. 4, hosted by the Department of Finance for Secretary Benjamin E.

BSP officials have said that they have more ammunitions to effectively control inflation, liquidity and to guide market rates closer to the BSP rate such as changes to open market operations. BSP continues to allow the peso to move in line with market fundamentals while inflation expectation is a key concern when it comes to the exchange rate sensitivity. After the BSP raised the benchmark rates by a cumulative 425 bps from May 2022 until March this year, the peso volatility has remained low as inflation also moved to a downward path.

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