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BSP clears digital, Islamic banks to engage in FX transactions
4 Jan 2022 | Tuesday source : INQUIRER.NET
Digital banks as well as Islamic banks are now allowed to engage in foreign exchange (FX) transactions as the Bangko Sentral ng Pilipinas (BSP) followed through with moves to amend regulations on the Philippine foreign currency deposit system.
The BSP in May 2020 embarked on reforms, providing greater flexibility to covered banks in managing their FX denominated exposures through the amendment to requirement on the asset cover of foreign currency deposit units (FCDUs) or those that are authorized to transact in foreign currencies.
