BSP prohibits foreign funds from being parked in SDA:
MANILA, Philippines—The Bangko Sentral ng Pilipinas has prohibited banks from putting funds owned by their foreign clients in the special depository account (SDA) facility, in a bid to arrest currency speculation that has been blamed for the recent appreciation of the peso.
According to the regulation approved last Thursday by the Monetary Board of the BSP, banks placing funds in the SDA facility of the central bank will be required to submit a notarized certification saying the money only came from investors residing in the country.
In other words, the banks must attest that none of the funds came either directly or indirectly from nonresidents.
Banks park their excess funds ...
Keep on reading: BSP prohibits foreign funds from being parked in SDA
comments: the damage is too big to forget :)
MANILA, Philippines—The Bangko Sentral ng Pilipinas has prohibited banks from putting funds owned by their foreign clients in the special depository account (SDA) facility, in a bid to arrest currency speculation that has been blamed for the recent appreciation of the peso.
comments: the damage is too big to forget :)
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