Bangko Sentral ng Pilipinas is watching the peso's drop closely and has stepped up intervention in the currency market, Governor Eli Remolona said Friday. Brazil's central bank has spent $17 billion in the past week to support the real, while Bank Indonesia vowed to guard the rupiah "boldly" to build market confidence. In Europe, Hungary's central bank joined the trend, raising the interest rate on its foreign-currency swap tender to calm markets.
Authorities in developing economies are on the defensive as the greenback's strength wreaks havoc across global markets, with South Korea's won falling to the lowest in over 15 years while India's rupee and the real crashed to all-time lows. A rapid decline in currencies risks worsening the impact of imported inflation for emerging markets, and may also increase the cost of servicing debt on foreign liabilities.
This story is from the December 23, 2024 edition of Mint Bangalore.
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This story is from the December 23, 2024 edition of Mint Bangalore.
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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