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Article: Negotiable CDs may replace forex swaps.(Business)
- Article from:
- Manila Bulletin
- Article date:
- January 9, 2001
CopyrightCOPYRIGHT 2001 Manila Bulletin Publishing Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas (BSP), approved the issuance of a new investment instrument to be known as ''negotiable certificate of deposits'' to replace the controversial ''engineered swaps'' to further remove pressure on the peso.
BSP Governor Rafael B. Buenaventura disclosed the "negotiable certificate of deposits," with the Bankers Association of the Philippines (BAP) as the main architect of the newest financial instrument, would be gradually phased-in within the first semester of this year.
In turn, "engineered swaps" will be slowly phased-out, to which Buenaventura believed would remove additional ...