Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said that at the moment, they are only talking with the People’s Bank of China (PBOC) for the renewal of bilateral currency swap agreement (BCSA), which expired in 2010. The previous BCSA with China amounted to $2 billion.
However, when asked if the BSP will utilize any of its existing swap deals Diokno said: “The short answer is no. We have sufficient self-insurance against a potential BOP (balance of payments) problem and there is no compelling reason at this time to tap for available facilities.”
This story is from the July 27, 2020 edition of Manila Bulletin.
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This story is from the July 27, 2020 edition of Manila Bulletin.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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