The Bangko Sentral ng Pilipinas (BSP) said on Tuesday it would let the foreign exchange rate reflect market developments, but stressed it was ready to intervene in case of excessive volatility in the market. We’ve said volatility is there because of policy uncertainties, political tensions so it’s very difficult to say what’s affecting it on a daily basis,” Bangko Sentral Gov. Espenilla insisted that the approach of the central bank was to let the exchange rate reflect underlying market conditions. “We’ve seen nothing particularly unusual about this, it’s the nature of the exchange rate to fluctuate. As far as theBSP is concerned, we’re there, we’re managing excessive volatility,” he said.

Source: Manila Times July 11, 2017 17:37 UTC