Manila clamps down on ‘dollar hoarders’

The bank had, since February, been investigating commercial and international banks’ day-to-day FX sales for illegal speculative trading and for any banks hoarding US dollars to avoid volatile local FX exposures. FX trades in the Philippines must be backed with documentation to prove the deals were not made speculatively.

The bank declined to name the implicated banks at present. "The disclosure of the names of erring banks is resorted to depending on the nature of the circumstance," it said