October 25, 2017 / 6:04 AM / a year ago

Philippine central bank says engages in 'tactical intervention' in FX market

MANILA (Reuters) - The Philippine central bank engages in “tactical intervention” in the foreign exchange market to prevent excessive volatility, its governor said on Wednesday, as the peso hit an 11-year low against the dollar.

A logo of Bangko Sentral ng Pilipinas (Central Bank of the Philippines) is seen at their main building in Manila, Philippines March 23, 2016. REUTERS/Romeo Ranoco/File Photo

Bangko Sentral ng Pilipinas Governor Nestor Espenilla said the peso PHP=PDSP is "allowed to move flexibly in line with global external and domestic shocks."

“All of the fears and uncertainties of the world are reflected in the day-to-day volatility of the exchange rate. We allow it to reflect that,” he told a business forum.

Espenilla said he expects the peso, Asia’s worst performer so far this year, to “be stable over a medium-term horizon.”

Reporting by Neil Jerome Morales; Editing by Kim Coghill

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