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(From BusinessWorld (Philippines))
Byline: Josefa Labay Cagoco and Paolo Joseph L. Lising
The central bank's long position on the dollar has reached $6 billion as of last year as a result of monetary authorities' efforts to curb the peso's rise and protect exporters.
"[The central bank] has $6 billion in nondeliverable forwards (NDF) or the so-called swaps. That is a long position on dollars," Presidential Chief of Staff Joey S. Salceda said yesterday. But a ranking central bank official said the central bank's NDFs had reached only $20 million as of end-2006, contrary to Mr. Salceda's claims.
A long position refers to the buying of a …