Philippine central bank NDF curbs won’t stop peso appreciation

Attempts by the Philippine central bank to curb increases in the value of the local currency won't work, according to market observers


Measures undertaken by the Central Bank of the Philippines (CBP) to limit the appreciation of the peso by imposing a cap on non-deliverable forwards (NDFs) will have a limited impact, say market observers.

On December 26, 2012 the central bank imposed new limits on NDF positions. Local bank exposures to NDFs will be limited to 20% of capital, with exposures of foreign banks operating in the Philippines capped at 100% of capital. In addition, pre-termination of NDFs was prohibited meaning banks

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