Saturday 18 November
Powered by Ajaxy
Oct 6, 2017 @ 18:05

PH, Japan central banks engage in peso-yen swap agreement

 

There’s no Mickey Mouse money here!

The Bangko Sentral ng Pilipinas (BSP) and the Bank of Japan have recently agreed to open a currency swap arrangement effective Friday, Oct. 6.

In a statement, the central banks said they have opened a third swap facility which allows an exchange of the peso and yen to help out banks in securing fresh liquidity as they mobilize their assets held in foreign currencies.

Under the agreement, Philippine banks can exchange up to $12 billion while the Japanese can switch $500 million.

“The authorities of both countries believe that the strengthened bilateral financial cooperation will contribute to the stability of financial markets, promote the use of local currency including the Japanese Yen in Asia in the medium term, and thereby further develop growing economic and trade ties between the Philippines and Japan,” the two central banks said, which comes at a time of closer relations between Manila and Tokyo.

Tags: , , , , , , , , ,

Related Stories
Subaru recalled nearly 400,000 vehicles from its domestic market on Thursday due to an inspection
After China, it's now Japan's turn to send heavy equipment to Mindanao.
Sony said Tuesday it expects to book record annual profits as it pushes on with
Charity and not just culinary excellence is Margarita Fores’s passion.


 

Trending News

Recommended on sister sites

Copyright © 2017 Bilyonaryo - bilyonaryo.com.ph.