BSP Circular Letters BSP Circular LetterBSP Circular Letter 2003-03-13T00:00:00.000+08:00
Maximum tenor of forward contracts
CIRCULAR LETTER Series of 2003
TO : All Authorized Agent Banks
In its Resolution No. 343 dated 13 March 2003, the Monetary Board decided that, effective immediately, forward contracts, i.e., outright forward and forward leg of swap, to cover long-term foreign currency requirements shall have a maximum tenor of six (6) months.
The policy shall be subject to quarterly review by the BSP.
FOR THE MONETARY BOARD:
AMANDO M. TETANGCO, JR Officer-in-Charge
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