The market is paying for Malacanangs stupidity, cried an exasperated FX trader at one of Manilas domestic banks, referring to the presidential palace. We are already over-regulated and now we are being harassed by the central bank.
This explains the head-spinning freefall of the Philippine peso which reached a 32-month low of 45.60 against the dollar on Tuesday.
Its not about economic fundamentals which are already bad, continues the trader. Its about banks unwilling to...