Peso Restrictions 'Should Not Have Major Effect' on Foreign Exchange Activity

CURRENCY NEWS

MANILA -- Philippine central bank regulations aimed at halting the depreciation of the peso will decrease currency trading between bank subsidiaries and Philippine residents, but should not affect commercial bank FX business in the Philippines, says Richard Franklin, regional head of global exotics at Standard Chartered bank in London.

The regulations, issued on October 26, require Philippine-based bank subsidiaries and other financial corporations trading foreign exchange with Philippine re