Exporters demand BSP act to rein in peso
By Ayen Infante 08/16/2011Exporters are again up in arms over the surging strength of the peso and expectations that the local currency will further appreciate against the US dollar as a result of worsening problems in the American economy as they urged the Bangko Sentral ng Pilipinas (BSP) to take decisive actions to stem the the peso value.
The Philippine Exporters Confederation (Philexport) said the strong peso is hurting every productive segment of the domestic economy.
The peso closed yesterday stronger at 42.42 per dollar from 42.64 last Friday and bankers are forecasting the currency to move within the 40 per dollar level before the end of the year.
The appeal was made to Monetary Board member Peter Favila and his team of BSP executives in a dialog between export industry leaders, several economists and supporters of overseas Filipino workers last week..... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/business/20110816bus1.html
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