BSP Reviews Discount Rates for 12 Currencies to Ensure Stability

Manila Bulletin, January 14, 2013 | Go to article overview

BSP Reviews Discount Rates for 12 Currencies to Ensure Stability


The Bangko Sentral ng Pilipinas (BSP) is reviewing the discount factor of all currencies to ensure exchange rates are stable in relation to market rates.

The assessment of the discount rates is applied to the buying rate.

Sources at the BSP said subject to review are 18 foreign currencies out of 32 in the exchange rate list. The exchange rate is the price of each currency versus each other.

The BSP will likely adjust the discount rates for some of the currencies to get to the lowest discount factor quoted in the past five years, said the source.

The assessments, which are done on an annual basis, look closely on the volatility of foreign currencies and if the volatility rate increases, the discount factor will be lowered. Should the BSP decide to increase the discount rates for certain currencies, it will do so to align the discount factors to market rates.

For the past years, the discount rates of foreign currencies such as the British pound, Swiss francs, Canadian dollar, Brunei dollar, Saudi Arabian rial, Bahrain dinar, United Arab Emirates dirham, Korean won and the Chinese yuan have undergone consistent adjustments. The discount factors of the US dollar, the Japanese yen, the Hong Kong dollar, the Singapore dollar, Australian dollar and the Euro are also reviewed regularly. …

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BSP Reviews Discount Rates for 12 Currencies to Ensure Stability
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