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2007 Bank for International Settlements (BIS) Triennial Central Bank Survey on Foreign Exchange and Derivative Market Activity - Turnover Phase

09.25.2007

The Bangko Sentral ng Pilipinas (BSP) released today the national aggregate results of the turnover part of the 2007 Bank for International Settlements (BIS) Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity conducted in April 2007.  The BSP, which has been a participating monetary authority since 1998 has, once again, taken part in this years’ triennial survey.

The national results indicated that the Philippine Peso-US dollar currency pair as the most traded in this year’s triennial survey.  It posted USD 65.318 billion, or 95.6 percent of the total foreign exchange turnover transactions of USD 68.359 billion (gross of local inter-dealer double counting).  The posted USD65.318 is  broken down as follows:  spot transactions, USD 29.481 billion; outright forwards, USD 3.724 billion and foreign exchange swaps USD 32.113 billion.  Total domestic currency vs. US dollar FX trading rose by USD 49.712 billion from the 2004 survey’s level of USD 15.606 billion.

Transactions for the same type of instruments (i.e. spot transactions, outright forwards and foreign exchange swaps) between US dollar and other major foreign currencies such as EURO, Japanese Yen and British Pound reflected an aggregate US dollar equivalent of USD 0.799 billion, USD 0.786 billion and USD 0.771 billion, respectively.

The over-the-counter (OTC) derivative transactions between the domestic currency and US dollar posted USD 0.433 billion in April 2007, broken down as follows:  currency swaps, USD 0.374 billion and OTC options, USD 0.059 billion. This year’s level is USD 0.332 billion higher than the 2004 level of USD 0.101 billion.

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