The Philippine central bank has amended foreign exchange regulations to improve the accuracy of banks’ reports, aiding in policy studies and economic monitoring.
Bollywood Fever: The Philippine central bank announced on Wednesday that it has approved amendments to foreign exchange regulations. These changes aim to ensure the timely submission of banks’ reports, which are crucial for policy studies and economic monitoring.
The amendments will enable monetary authorities “to gather more accurate and relevant information on FX transactions to promote and maintain price stability and ensure financial stability and effective supervision of banks,” stated the Bangko Sentral ng Pilipinas (BSP).
These regulatory adjustments define non-compliant reports and revise penalties for reporting violations, ensuring that banks adhere to the updated reporting standards. The central bank emphasized that these changes will support better policy formulation and enhance the overall economic stability of the country.
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