NextGen Day

The Bangko Sentral ng Pilipinas (BSP) advises market participants to exercise caution in light of recent financial market events since volatility is weakening currencies, among other things.

The peso achieved another record-low close versus the dollar on Monday, closing at 59.00, which authorities and analysts attributed to the US currency’s strength in light of the Federal Reserve’s key rates’ consistent increases.

On Tuesday, though, the local currency bounced back and closed the day’s trading at 58.65 to the dollar.

The BSP stated that it is “taking steps to manage any interruption in our financial market”.

The central bank added that “the USD (US dollar) spot market is open and active while forwards and repo (repurchase) are accessible facilities” and that it “look(s) forward to servicing any lawful dollar transactions.”

According to the report, “may advance the economy by strengthening the financial pillar underpinning economic activity and permitting an orderly settlement of USD liabilities.”

The BSP declared its dedication to boosting Filipinos’ well-being through a financial system that meets the public’s financial needs while minimizing risks.

“We request that anyone who can refrain from taking advantage of shifting market conditions. It stated that this is detrimental to the Philippine currency and the country as a whole. We can protect consumers by bringing all transactions into a legal, well-organized, open market.

The BSP stated that “working jointly allows us to sustain our operating financial market while correctly controlling the rising risks” due to the adverse global market conditions.

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