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Financial News: Philippine CB Cuts Key Rate By 50 Bps

Philippine CB Cuts Key Rate By 50 Bps

03/19/2020 - 04:10:00 (RTTNews)

(RTTNews) - The Philippine central bank resorted to a sharp 50 basis points rate cut on Thursday, to offset the downturn caused to the economy by the spread of covid-19.

The Monetary Board of the Bangko Sentral ng Pilipinas, or BSP, slashed the overnight reverse repurchase facility rate by 50 basis points to 3.25 percent. Economists had expected a quarter point reduction.

The bank had lowered the rate by 25 basis points in February.

Despite the latest move by the central bank, the economic outlook remains dim, with the bulk of the economy shuttered due to the enhanced community quarantine, ING Economist Nicholas Mapa, said.

The BSP is likely to roll out additional measures to ease liquidity conditions further, such as the lowering of the term deposit facility volumes and/or reductions to reserve requirements in the near term, the economist added.

Elsewhere, Bank Indonesia lowered its benchmark by 25 basis points to 4.50 percent.

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