Philippine central bank raises policy rates by 50bp
The BSP revises upwards average inflation for 2022 to 5.4% from 5%
The Philippine central bank today (August 18) delivered its fourth straight interest rate hike to curb surging inflation, bringing its overnight reverse repurchase rate up 50 basis points to 3.75%.
The Central Bank of the Philippines (BSP) also raised its overnight deposit and lending rates by 50bp to 3.25% and 4.25% respectively. The rate increases will come into effect tomorrow.
The latest policy move by the central bank was in line with market expectations. A recent poll by Bloomberg showed
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