Wednesday, June 06, 2007

The Central Bank (probably) heard me

I posted a warning on the Peso:Dollar exchange rate on this blog last May 23. It is comforting to know that the Central Bank of the Philippines issued similar warning today. On the news (PDI):

The Bangko Sentral ng Pilipinas, the Philippines' central bank, on Monday expressed concern over the peso's rapid rise against the U.S. dollar. BSP governor Amando Tetangco Jr. said the sudden strength of the local currency might have some "disruptive effects" on the economy.

Tetangco told reporters in Manila, "There's a bit of concern with the rate of appreciation, which may cause volatility and lead to some disruptive effects. We prefer to see an orderly adjustment."