BSP CIRCULAR NO. 171, August 29, 1998
LIMIT ON BANK’S SHORT OR OVERSOLD FOREIGN EXCHANGE POSITION
National Administrative Register August 29, 1998
Please be advised that pursuant to Monetary Board Resolution No. 1214 dated August 26, 1998, the existing limit on a bank’s short or oversold foreign exchange position, presently set at 20% of its unimpaired capital, is hereby lifted.
The lifting of this limit is temporary and subject to review within six months from date of this Circular.
The limit set on a bank’s long (overbought) position, however, remains at 5% of its unimpaired capital or US$10 million, whichever is smaller.
This amends Circular No. 137 dated July 31, 1997 and shall take effect immediately.
Adopted: 29 Aug. 1998
(SGD.) GABRIEL C. SINGSON
Governor