Manila fines banks over FX speculation

MARKET NEWS

MANILA -- The Philippine central bank (Bangko Sentral ng Pilipinas) last week penalised nine banks that had violated recently imposed anti-foreign exchange speculation laws.

The majority of the penalties were incurred following the banks’ failure to provide adequate documentation for foreign exchange transactions, the central bank said.

Among the banks in hot water with the authorities were global FX giants Citibank and HSBC, but the most heavily fined was Banco de Oro, which was ordered to pay in

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