MANILA, June 20 (Xinhua) -- The Philippine central bank registered losses totaling 33.69 billion pesos (796.25 million U.S. dollars) last year as it sought to keep the peso stable throughout 2011.
In a report posted on its website on Wednesday, the Bangko Sentral ng Pilipinas (BSP) said the losses it incurred in 2011 was almost half of what it reported in 2010.
The Philippine currency continued to gain strength against the U.S. dollar last year when it appreciated by 4.15 percent to 43. 3131 against one dollar.
The BSP is mandated to maintain not only a competitively priced peso exchange rate but a stable currency as well.
An analyst from a local bank noted that the BSP participates in trades through the Philippine Dealing and Exchange Corp. (PDEX) and accounts for up to 60 percent of the currencies changing hands at the PDEX.
This was cited as a factor behind the competitiveness of the Philippine peso in relation to other currencies in the region.
