The Bank has made its views on this pretty clear and so I won’t reiterate them today. But it’s worth noting that many other countries have had a similar puzzle to ours – so the real question is why the US dollar has remained as low as it has. Overall then, the global environment remains “interesting”, with significant challenges, uncertainties and puzzles.
Amando M Tetangco, Jr: Providing critical support to disaster-striken areas through the Calamity Assistance Program Speech by Mr Amando M Tetangco, Jr, Governor of the Central Bank of the Philippines (Bangko Sentral ng Pilipinas), at the signing ceremony among members of the Countryside Financial Institutions Enhancement Program Task Force of the MOA to implement the Countryside Financial Institutions-Calamity Assistance Program, Manila, 14 August 2007.