No intervention to halt peso slide

The central bank of the Philippines did not intervene in the currency markets on Friday morning, August 15, despite the peso's dipping below the level of 55 to the dollar, said Amando Tetangco Jr, a deputy governor.

Source: INQ7.net

Tetangco said the peso's weakness was due to corporate demand for dollars and moves by banks to cover their short dollar positions ahead of the weekend.

He added market players had also mentioned the suspension of central bank governor Rafael Buenaventura and se