Philippine Peso second least volatile Asian currency so far

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Philippine Peso second least volatile Asian currency so far

Good news for peso holders, the Philippine peso has been the second least volatile among Asian currencies in what has been a tumultuous year. Data from the Bangko Sentral ng Pilipinas (BSP) showed that the volatility of the peso, the degree of its daily fluctuation, stood at 0.77 %. The lease volatile currency in Asia is the Chinese Yuan, with volatility at 0.37% and largely due to strict foreign exchange controls. The peso is “ basically moving together with other regional currencies,” BSP Governor Amando Tetangco Jr said from the sidelines of an Appreciation Lunch for BSP Stakeholders, held at its Pasay City headquarters on July 14. The BSP’s policy is to let the market determine the value of the peso although it does intervene if needed to avoid too much fluctuation. The BSP chief said that there was still cause to be wary, however, as the situations in Greece and China have not been fully resolved.

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