It might also be noted by those who believe that exchange rate flexibility would have avoided the crisis that these countries’ exchange rates had been under substantial upward pressure during the first half of the 1990s.
Benjamin E Diokno: The Philippine economy in 2022 - toward a steady recovery path Speech by Mr Benjamin E Diokno, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), at the Tuesday Club's New Year Brunch, Manila, 3 January 2022. * * * Good morning, everyone.