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Financial News: Philippine CB Hikes Key Rate By 25 Bps,

Philippine CB Hikes Key Rate By 25 Bps, As Expected

05/10/2018 - 06:51:00 (RTTNews)

(RTTNews) - The Philippine central bank raised its benchmark interest rate from a record low, in a bid to rein in inflation.

The Monetary Board of the Bangko Sentral ng Pilipinas on Thursday raised the key interest rate, which is the overnight reverse repurchase rate, by 25 basis points to 3.25 percent. The hike was the first in more than three years. The interest rates on the overnight lending and deposit facilities were likewise raised accordingly, the bank said in a statement.

"The Monetary Board noted that latest forecasts have further shifted higher, indicating that inflation pressures could become more broad-based over the policy horizon," the BSP said.

Headline inflation accelerated to 4.5 percent in April from 4.3 percent in March.

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