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Financial News: Philippine CB Hikes Rate By 50 Bps

Philippine CB Hikes Rate By 50 Bps

08/09/2018 - 05:06:00 (RTTNews)

(RTTNews) - The Philippine central bank lifted its key interest rates by 50 basis points after raising it by 25 basis points at the previous two meetings.

The Monetary Board of the Bangko Sentral ng Pilipinas, raised the overnight reverse repurchase rate by 50 basis points to 4.00 percent from 3.50 percent. The bank has lifted its interest rate by 100 basis points since May.

The interest rates on the overnight lending and deposit facilities were also raised accordingly.

The monetary board noted that latest baseline forecasts have shifted higher over the policy horizon, indicating some risk of inflation exceeding the target in 2019.

Policymakers deemed stronger monetary action to be necessary to rein in inflation expectations and prevent sustained supply-side price pressures from driving further second-round effects.

Gareth Leather, an economist at Capital Economics, said further rate hikes are likely. However, with inflation set to peak soon, there are reasons to think the BSP is approaching the end of its tightening cycle.

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