21.   At that time, the Philippine central bank lost a costly battle defending the peso and severely depleted its foreign reserves.

22.   Early in the currency crisis, the monetary authority lost a costly attempt to defend the peso from speculative attacks.

23.   High interest rates, a result of efforts by the central bank to defend the peso, have hurt economic growth.

24.   It has primarily used its overnight borrowing rate to defend the peso since the start of the year.

25.   The central bank was forced to intervene heavily and boost short-term interest rates to defend the peso until giving up Friday and allowing it to depreciate.

26.   The Philippines quit costly efforts to defend the peso, easing its tight management of the currency and allowing it to depreciate.

27.   The Philippine central bank sold dollars and boosted short-term interest rates in an attempt to defend the peso until giving up Friday and allowing the currency to depreciate.

28.   TheBSP had earlier tightened liquidity to defend the peso.

29.   Mexican authorities had said repeatedly that they would defend the peso, even though most analysts considered it overvalued.

30.   The crisis in the peso was provoked when the new Mexican government allowed the currency to float, reversing a policy of defending the peso.