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Philippine cbank says ready to temper sharp swings in forex market

Published 03/20/2020, 03:35 PM
Updated 03/20/2020, 03:40 PM
© Reuters.  Philippine cbank says ready to temper sharp swings in forex market

MANILA, March 20 (Reuters) - The Philippine financial system
can withstand the impact of the coronavirus outbreak, the
central bank said on Friday even as it expressed readiness to
intervene in the foreign exchange market to temper wild swings.
The Philippine central bank said it may combine foreign
exchange participation and monetary measures to prevent major
exchange rate volatility.
On Thursday, the Philippine central bank delivered a
larger-than-expected 50 basis points cut in interest rates and
said it was ready to deploy other policy tools as it braced for
the economic fallout from the coronavirus outbreak.

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