BSP Further Eases Forex Rules to Facilitate Capital Entry of Foreign Banks

The Bangko Sentral ng Pilipinas (BSP, Philippine central bank) has eased rules on foreign exchange flows anew to facilitate entry of significant amounts for foreign banks in the country as they move to meet capital requirements. The rules will now carry an express provision that foreign exchange funding for permanently assigned capital of foreign bank branches must be inwardly remitted and converted to pesos at the exchange rate prevailing at the time of…

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