Spanish Banks Report Average FX Results During A Quiet 1997
BANKS
Despite a year marked by low volatility in the Spanish peseta, banks in Spain are reporting healthy annual earnings for 1997, although separate FX trading figures could not be obtained. The majority of those interviewed by FX Week say that the year was moderately successful in terms of FX trading, despite the lack of movement.
For the last two years, sources say the central bank has consistently intervened in the market to keep the currency stable as a prerequisite to European Monetary Union-
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