31.10.07
BSP intervenes in forex market to ease pain of exporters, OFWs
- forex -
We have talked about this often here in MoneySmarts: the pain suffered by OFWs who now can buy fewer pesos with their dollars.
As you all know, the peso broke into the 43-per-dollar level yesterday for the first time in even years. The exchange rate is now closer to the yearend forecasts of Richardson, Vero, Clipper, Reinan, Melan and the rest :-) (Check out the result of our peso forecast game here and the original challenge here)
We all know the peso will keep on climbing. This statement from the central bank, however, was very illuminating:

