February 1, 2018 / 3:47 AM / in a year

Philippine c.bank rules out peso meltdown as currency hits 2-mth low vs dollar

MANILA, Feb 1 (Reuters) - The Philippine central bank chief on Thursday dismissed suggestions there could be a meltdown of the peso, which hit a two-month low against the U.S. dollar, saying the currency was supported by healthy economic fundamentals.

“There will be volatility, runs and corrections, and the public should plan accordingly and factor in exchange risk in their decisions,” Bangko Sentral ng Pilipinas Governor Nestor Espenilla told reporters.

But he said the Philippines was “very far from any foreign exchange crisis” given its large foreign exchange reserves and “secondary buffers” as well as the country’s investment grade-rating. (Reporting by Karen Lema and Enrico dela Cruz; Editing by Richard Borsuk)

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