Lifting of the oversold foreign exchange position
CIRCULAR NO. 171 Series of 1998
Please be advised that pursuant to Monetary Board Resolution No. 1214 dated August 26, 1998, the existing limit on a bank’s short or oversold foreign exchange position, presently set at 20% of its unimpaired capital, is hereby lifted.
The lifting of this limit is temporary and subject to review within six months from date of this Circular.
The limit set on a bank’s long (overbought) position, however, remains at 5% of its unimpaired capital or US$ 10 million, whichever is smaller.
This amends Circular No. 137 dated July 31, 1997 and shall take effect immediately.
FOR THE MONETARY BOARD:
GABRIEL C. SINGSON Governor
More in BSP Circulars
- Maximum amount of coins to be considered as legal tender(BSP Circular No. 537)
- Implementing Guidelines on the Framework for Dealing with Domestic Systemically Important Banks under Basel III(BSP Circular No. 856)
- Amendments to MORB Sec. X151 on the Activities and Services Allowable for Micro-Banking Offices and Subsec. X151.5 on Branch Processing Fees(BSP Circular No. 868)
- Amendments to Circular Nos. 1327 and 1389 dated 30 January 1992 and 13 April 1993, respectively(BSP Circular No. 561)
- Amendments to Section 281 and Appendix 25 of the Manual of Regulations for Banks (MORB)(BSP Circular No. 1077)
- Liquidity floor(BSP Circular No. 355)
- Annual Supervisory Fees (ASF)(BSP Circular No. 643)
- Amendments to the provisions of the Manual of Regulations for Banks and for Non-bank Financial Institutions(BSP Circular No. 296)
Want an analysis of this document?
Ask ASG Legal AI to summarize it, compare it with other rulings, or explain how it applies to your situation — it researches from this same library.