Philippine Peso sinks to record low

MG News | November 21, 2024 at 01:40 PM GMT+05:00

0:00

November 21, 2024 (MLN): The Philippine peso fell to a record low as traders viewed comments from the nation’s central bank as dovish.

The peso fell as much as 0.2% to 59 per dollar on Thursday, the lowest since late 2022.

The central bank may cut or hold its benchmark rate next month depending on inflation data, central bank governor Eli Remolona Eli Remolona said Tuesday.

The Monetary Board in October meeting reduced the BSP’s Target Reverse Repurchase (RRP) Rate by 25 basis points to 6%.

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