Philippine central bank will cut FX interventions, governor says

“We’ve been intervening a bit too much”, Remolona says, as officials work on new framework

Eli Remolona
Central Bank of the Philippines governor Eli Remolona
Central Bank of the Philippines (BSP)

The Philippine central bank is finalising a new framework that will limit its foreign exchange market interventions, governor Eli Remolona said on January 4. 

Inflation fell to within the central bank’s target range in December, data from the official statistical agency showed today (January 5). 

“We think intervention should only happen during times of stress,” Remolona said at a business forum. “I think we’ve been intervening a bit too much,” he said. “If it’s about containing stress, that also

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