Thursday, 22 October 2009

Peso one of most stable currencies in the region

Jun Vallecera
Business Mirror

THE peso has proven to be one of the most stable currencies in the region, its volatility measured as the second lowest after the Chinese yuan, according to Bangko Sentral ng Pilipinas (BSP).

BSP Governor Amando Tetangco Jr. said of the 13 regional currencies observed as having made the most number of exchange value changes against the US dollar, the peso posted a volatility rate of only 1.29 percent.

The most stable currency, the Chinese yuan, had a volatility rate of 0.08 percent.

“The peso is one of the least volatile currencies in the region from year-to-date,” Tetangco told reporters.

The local unit’s tendency to post infrequent changes in value relative to the US dollar makes it easier for businesses and people to plan foreign exchange transactions than if the currency tended to be jumpy.

According to Tetangco, the most volatile currency of the lot was the New Zealand dollar, which posted a volatility rate of 11.46 percent.

This topped the volatility of the Australian dollar, whose rate averaged only 10.73 percent.

The third most volatile in the region was the Indonesian rupiah, at 7.51 percent.

The rates for the other currencies are as follows: Taiwanese dollar, 2.11 percent; Malaysian ringgit, 2.12 percent; Thai baht, 2.19 percent; Singapore dollar, 2.76 percent; Japanese yen, 3.46 percent; euro, 4.73 percent; British pound, 6.10 percent; and Korean won, 7.21 percent.

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