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Philippine currency peso falls to lowest level in more than 16 years

Philippine currency peso falls to lowest level in more than 16 years

The Philippine currency peso fell to its lowest level in more than 16 years on Wednesday (June 22). It is seen as a priority for the Philippine central bank to gradually reduce interest rate hikes.

On Wednesday, the peso fell to 54.60 per dollar. It was a drop of 0.6 per cent. This was the weakest level for the peso since November 2005. It is expected to fall for the fifth consecutive month. This is the longest streak of losses since 2015.

Philippine economist and incoming governor of the Philippines’ central bank, Felipe Medala, said on Monday that he aimed to continue raising rates gradually after August. Monetary officials from India to America have started increasing interest rates in a big way to curb inflation.

Bloomberg said eight of the 25 economists it surveyed were already calling for an increase of 50 basis points at Thursday’s meeting. The rest, as quoted by Bloomberg, preferred an increase of 25 basis points.

Economist Felipe Medala, who sits on the board of Bangko Central ng Pilipinas, is set to take over as governor on July 1. He had indicated a 25 basis-point increase for the meeting this week and in August.

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Philippine currency peso falls to lowest level in more than 16 years

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