Philippines c bank to tighten dollar transactions

The monitoring of dollar transactions will be tightened by the BSP as part of an effort to plug loopholes in existing rules on currency forward transactions.

Source: BusinessWorld

Philippine monetary authorities will tighten monitoring of over-the-counter dollar transactions to prevent splitting, a practice used to hoard the foreign currency, BusinessWorld reports.

The tightening is part of an ongoing effort to plug loopholes in existing rules on currency forward transactions, said central bank

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