Central Banks
Philippine Peso May Weaken to 59 If Risks Mount, Central Bank Governor Says
- Dollar has strengthened its ‘safe haven’ position: Remolona
- Rate cut cycle remains on track even with recent peso weakness
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The Philippine peso may again hit its record low of 59 against the dollar “over time” if geopolitical worries and risks related to the US election don’t dissipate, according to central bank Governor Eli Remolona Jr.
“If the uncertainty, if the risks persists” then “59 is possible but I don’t know if it’s likely,” the Bangko Sentral ng Pilipinas chief said Friday in an interview on the sidelines of the International Monetary Fund and World Bank annual meetings in Washington.