Depending on the openness of the financial system and the degree of sterilization, this can be delayed for a very long time.2 In contrast, deficit countries must either deflate or run down reserves. Flexible exchange rates prevent many of these problems by providing less costly and more symmetric adjustment.
EGov Pay will be expanded to enable ordinary citizens to digitally pay government tax, fees and charges. The BSP plays a supportive role in the promotion of inclusive economic and social development objectives of the government through its advocacy programs aimed at promoting financial inclusion.