The Bangko Sentral ng Pilipinas (central bank of Phillipines) has announced approval of new measures to liberalize the foreign exchange regulatory regime, adding it was ready to act to maintain stability in the currency market.
The BSP said in a statement the amendments to existing regulations included allowing private sector foreign loans unregistered with the central to be paid using foreign exchange purchased from authorized agent banks or banks’ forex units.
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The central bank said the changes were part of “continuing efforts to keep the FX regulatory framework responsive to and attuned with current economic conditions.”
This brings a postive note for traders as the authority had given banks capital limitations in NDF trading.