Bangko Sentral ng Pilipinas (BSP) has taken steps to improve knowledge and understanding of foreign exchange (FX) regulations among its stakeholders. In light of recent currency liberalization reforms, the BSP held a series of six comprehensive briefings across the country in 2024.
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These briefing sessions, held at BSP branches in Batac, Zamboanga, Cagayan de Oro, Puerto Princesa, Dumaguete and Roxas, were aimed at ensuring that stakeholders, including local banks, industry associations, exporters and staff of the BSP, please stay well informed about the evolving situation. Special effects landscape.
The initiative was spearheaded by the BSP’s International Monetary Affairs and Surveillance Subsector and the Department of International Operations.
Key topics covered during the briefings included:
- FX Regulations: Detailed explanations of existing and updated foreign exchange rules and procedures to ensure compliance and facilitate smooth transactions.
- Economic developments: Presentations on recent economic trends and outlooks, providing context for currency policy decisions and market dynamics.
- ASEAN monetary and financial cooperation: Updates on regional initiatives and integration efforts, highlighting their implications for the Philippine foreign exchange market.
The BSP also hosted virtual foreign exchange briefings at its head office, specifically targeting bank compliance officers and industry association representatives. These virtual sessions complemented the in-person briefings and ensured wider dissemination of crucial information.
By holding these currency briefings, the BSP intended to:
- Encourage open communication and collaboration with market participants to address concerns and gather feedback.
- Ensure consistent interpretation and application of currency policies across the industry.
- Improve market transparency by disseminating information and clarifying regulatory expectations.
- Help stakeholders navigate the regulatory framework and comply with foreign exchange requirements.
This article is published on BitPinas: Summary: BSP strengthens understanding of the foreign exchange market through a nationwide information campaign
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