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Financial News: Philippine Central Bank Hikes Rate By 50 Bps

Philippine Central Bank Hikes Rate By 50 Bps

09/27/2018 - 04:38:00 (RTTNews)

(RTTNews) - The Philippine central bank lifted its key interest rates again by 50 basis points to anchor inflation expectations, on Thursday.

The Monetary Board of the Bangko Sentral ng Pilipinas, raised the overnight reverse repo rate by 50 basis points to 4.50 percent.

The bank has lifted its key interest rate by cumulative 150 basis points since May.

The board assessed that further tightening of monetary policy was warranted by persistent signs of sustained and broadening price pressures.

With inflation set to rise further over the coming months, and worries growing about inflation expectations becoming entrenched, further hikes look to be on the cards, Gareth Leather, an economist at Capital Economics, said.

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