RP leader warns speculators

Mon, 27 Aug 2001 | Source: AFP

SINGAPORE (AFP): Philippine President Gloria Arroyo on Friday warned currency speculators they will be charged with the crime of economic sabotage.

Arroyo, on the first day of a three-day visit to Singapore, said central bank intervention was not a policy of her government, which prefers to leave foreign exchange rates to the market forces.

"But if there is another spate of speculation similar to what we had a few weeks ago, then we will again do a crackdown," she said in an interview with selected journalists.

While penalties were light the first time, "this time it will be for economic sabotage," she said.

"But that is an extreme measure of course and we do not want to use it unless we have to," she said.

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