Forex rules further liberalized by BSPhome/Business/Top Business/Forex rules further liberalized by BSPForeign exchange (FX) rules have been further liberalized by monetary authorities, a development expected to give investors greater flexibility in terms of managing investments and cash flows. The Bangko Sentral ng Pilipinas (BSP), in a statement on Thursday, announced that its policymaking Monetary Board had approved fresh reforms to the FX regulatory framework. “The reforms intend to facilitate access to the banking system’s FX resources for legitimate transactions, and further streamline and simplify procedures and documentary requirements for FX transactions,” it said. “Notwithstanding the further liberalization of FX rules, the BSP maintains its ability to gather current, comparable and comprehensive data on FX transactions and adopts necessary prudential measures to address any perceived emerging concerns,” it added. The Bangko Sentral emphasized that banks were still expected to implement safe and sound practices amidst the continuing liberalization of foreign exchange rules.

Source: Manila Times January 10, 2019 16:41 UTC