In its 2006 country report, the IMF executive board said the BSP's current policy to deal with the upward pressure on the exchange rate was "broadly appropriate" but cited the merits of further building up the GIR while the foreign inflows were strong.
"Going forward, we urge continued exchange rate flexibility, even though further reserve accumulation might be justified given that the exchange rate does not appear to be mis-aligned," the IMF board said.
The peso is now trading at a six-year high against the US dollar. On Friday, the local currency peaked at 48.265 before closing at 48.305 to $1.
5 comments:
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