Philippine Bank will strictly enforce Forex rules

PHILIPPINES - In a stern warning to banks deemed responsible for several days of volatility in the peso market, the Philippine Central Bank said today, 23 July it will strictly implement existing sanctions against violators of foreign exchange rules, including the suspension of erring officers.

In a statement, the central bank noted a rise in transactions that were "aggressively testing the boundaries of existing prudential regulations" and said "some have already breached such limits."


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