Central Banking

Philippines joins local currency settlement network


The Central Bank of the Philippines has signed bilateral agreements with three other South-east Asian central banks, which will see it join a local currency settlement system.

Newly appointed governor Benjamin Diokno signed the agreement with the governors of the central banks of Thailand, Malaysia and Indonesia.   

They were all attending the meeting of the Association of Southeast Asian Nations (Asean) finance ministers and central bank governors held in Thailand on April 5.

The Bank of

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