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20.01.2014 admin
MANILA, Philippines - The country’s foreign exchange reserves finally inched up after thinning for two straight months due to the continued weakening of the peso against the dollar, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.
If it deems necessary, the BSP buys dollars from the foreign exchange market to prevent the sharp depreciation of the peso against the dollar. Guinigundo traced the slight uptick in GIR last month to the BSP’s foreign exchange operations and its income from investments abroad as well as the government’s net foreign currency deposits. He explained the foreign exchange inflows were partially offset by payments made by the government for its maturing foreign exchange obligations and revaluation adjustments on the BSP’s gold holdings and foreign currency-denominated reserves.

MANILA, Philippines - The Bangko Sentral ng Pilipinas said it would watch out for and smoothen excessive swings in the foreign exchange rate as investors anticipate the hike in US interest rates and worry about the Greek debt crisis.
The US central bank has maintained its interest rates near zero following the global financial crisis of 2008. Tetangco said as these events affect investors’ preferences, markets would notice capital flows going in and out emerging markets and economies including the Philippines, and volatility in forex markets, including the peso. MANILA — The Bangko Sentral ng Pilipinas said yesterday that it is ready to act in case of instability following recent activities involving the renewed geopolitical risks.

The reserves serve as buffer to ensure the Philippines would not run out of foreign exchange that it could use to pay for imported goods and services, or maturing obligations in case of external shocks. Tetangco then said the move was amid well-anchored inflation expectations and positive prospects for the domestic economy.

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