Central bank ready to defend peso from 'sharp fluctuations'

Reuters

Posted at Jan 10 2017 12:46 PM | Updated as of Jan 10 2017 03:37 PM

BSP Governor Amando Tetangco

MANILA - The Bangko Sentral ng Pilipinas is prepared to intervene in the currency market to smooth any sharp fluctuations in the exchange rate, its governor said on Tuesday.

"What we don't want to see in the market is so much volatility," said BSP Governor Amando Tetangco, speaking at a forum with newspaper columnists.

"The BSP is prepared to smoothen sharp fluctuations to the rate to maintain an orderly adjustment in the exchange rate, either going up or going down. It's symmetrical," he said.

The peso, which has gained less than 1 percent against the US dollar so far this year, was the third worst performing currency in Asia in 2016.

It averaged at P49.571 against the greenback in morning trading on Tuesday, from the previous day's close of P49.620. -- with ABS-CBN News