Peso freefalls to 32-month low, traders blame Malacanang

New intervention and new reporting rules by the central bank are causing alarm among forex traders in the Philippines.
September 05, 2000

"The market is paying for Malacanang’s stupidity," cried an exasperated FX trader at one of Manila’s domestic banks, referring to the presidential palace. "We are already over-regulated and now we are being harassed by the central bank."

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