Money changer NIKKO has reportedly committed “serious violations” of money laundering laws The Bangko Sentral ng Pilipinas (BSP) has taken decisive action against another unscrupulous money changer as part of its ongoing crackdown on illicit money service businesses (MSBs). IMAGE CREDIT: https://twitter.com/NIKKO In a circular letter issued by BSP Deputy Governor Chuchi Fonacier, it was announced that […]
Based on preliminary data from the Bangko Sentral ng Pilipinas (BSP), the Philippines’ gross international reserves (GIR) level has settled at US$103.4 billion as of the end of January 2024, reflecting a US$.4 billion difference from the end of December 2023 reported level of US$103.8 billion. The BSP’s reserve assets consist of foreign investments, gold, […]
According to a forex analyst from British banking giant HSBC, the Bangko Sentral ng Pilipinas (BSP) will continue to defend the Philippine peso to keep it below the 57 to US$1 exchange rate level. In its most recent currency outlook headlined “PHP: Defense Continues, But With Conditions,” Lenny Jin, a global foreign exchange strategist at […]
In pursuit of its commitment to market development, the Bankers Association of the Philippines (BAP) recently launched the dollar-peso cross-currency swap (USDPHP CCS) market. IMAGE CREDIT: www.ecomparemo.com The Dollar-Peso cross-currency swaps involve a Philippines peso fixed rate and a US dollar floating swap, with standard tenors of 1, 2, 3, 4, 7, and 10 years. It […]
