The country’s big banks on Wednesday, Oct. 12, assured markets they are closely working with regulators for the “orderly, fair and transparent” foreign exchange transactions as the peso nears P60 to the US dollar.
The BAP, who runs the FX daily spot market, said they support BSP’s transparent price discovery and measures against speculative activities “that tend to distort market prices and hurt the economy.” The peso vis-à-vis the US dollar closed stronger on Tuesday at P58.865. On Wednesday intraday, the peso depreciated to P58.999. It first breached the P59 level on Oct. 3 and then again last Monday, Oct. 10.
Last week, the BSP called on banks to not engage in currency speculation as the BSP contains exchange rate pressures.
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