As the attitude of different states (their regulators) to token transactions (operations) and approaches to their legal regulation differ from jurisdiction to jurisdiction, there is a risk that contracts between Dzengi Com CJSC and its clients or their particular terms and conditions may be invalid and (or) unenforceable in certain states.ĭzengi Сom сlosed joint stock company is a cryptoplatform operator (cryptoexchange) and carries out activities using tokens.Ĭurrency Com Limited is a private company limited by shares incorporated in Gibraltar under company number 117543, having its registered address at Madison Building, Midtown, Queensway, Gibraltar, GX11 1AA. Certain tokens sold by Dzengi Сom сlosed joint stock company may be of value only when using the information system of Dzengi Com CJSC and (or) the services rendered by Dzengi Com CJSC.Ħ. The distributed ledger technology (blockchain), other distributed information system and similar technologies are innovative and constantly updated, which implies the need for periodic updates (periodic improvement) of the information system of Dzengi Com CJSC and the risk of technical failures (errors) in its operation.ĥ. Acquisition of tokens may lead to complete loss of funds and other objects of civil rights (investments) transferred in exchange for tokens (including as a result of token cost volatility technical failures (errors) illegal actions, including theft).Ĥ. Digital signs (tokens) (hereinafter referred to as “tokens”) are not legal tender and are not required to be accepted as a means of payment.ģ. The peso settled at a record low of 59 per US dollar four times in October.We hereby warn about the following risks:ġ. A weak peso exacerbates the impact of imported inflation. 15 the benchmark interest rate by 50 basis points to a more than 14-year high of 5.5 percent to prevent the second-round effects of inflation and support the peso against the dollar. The Monetary Board, the policy-making body of the BSP, raised on Dec. The BSP was expecting remittances to rise 4 percent in 2022.īSP Governor Felipe Medalla earlier said, “the worst is over for the strong dollar.” The Philippine Statistics Authority will release the official December inflation in the first week of January.ĭata from the Bangko Sentral ng Pilipinas showed that cash remittances in October rose to a three-month high of $2.911 billion, an increase of 3.5 percent from $2.812 billion a year ago, bringing the 10-month tally to $26.736 billion, up 3.1 percent from $25.929 billion a year earlier. He said any advantage might be offset by higher inflation which hit a new 14-year high of 8 percent in November and could still peak in December. Ricafort said the more than 8-percent depreciation of the peso against the dollar since the start of the year might have benefitted OFWs and their families, exporters, business process outsourcing, foreign tourism businesses and others that earn in US dollars. He said the still relatively weaker peso in recent months could increase the possibility of further local interest rate hikes amid recent signals from monetary authorities on possibly matching future Fed rate adjustments if inflation remained high. Ricafort said the local currency’s performance was in line with the movement of other regional currencies such as the Indian rupee, Chinese yuan, Indonesian rupiah, Malaysian ringgit and Thai baht. The peso lost P4.151 or 8.1 percent of its value this year from 50.999 on the last trading day of 2021. “And so expect renewed weakening starting Q1 2023,” they said. and the University of Asia and the Pacific said in a joint report that while the peso-dollar exchange rate strengthened in November and December, “this will prove unsustainable.”
23 after hitting a record low of 59 in October.Įconomists from First Metro Investment Corp. The peso closed at 55.15 a dollar on Dec.
chief economist Michael Ricafort said in a reply to a Manila Standard query the peso might average between 56 and 57 against the greenback by the end of the first quarter in 2023. The peso will likely weaken in the first quarter of 2023 from the 55-per-dollar level in December that saw seasonally high remittance inflows as Filipinos working overseas sent more money to their families for holiday spending.
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