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Financial News: Philippine Central Bank Holds Key Rate Steady At

Philippine Central Bank Holds Key Rate Steady At 6.50%

06/27/2024 - 10:53:00 (RTTNews)

(RTTNews) - The Philippine central bank maintained its benchmark interest rate for the sixth consecutive meeting amid well-anchored inflation expectations.

The Monetary Board, governed by Eli Remolona, maintained the target reverse repurchase rate at 6.50 percent, as widely expected.

Accordingly, the interest rates on the overnight deposit and lending facilities were maintained at 6.0 percent and 7.0 percent, respectively.

Previously, the bank had raised the rate by a quarter-point in October.

The bank observed that inflation is moving closer to the midpoint of the 2-4 percent target range. The risk-adjusted inflation forecasts have eased to 3.1 percent for both 2024 and 2025 from 3.8 percent and 3.7 percent, respectively.

Looking ahead, the prospects of domestic economic growth will remain in line with medium-term trends amid favorable labor market conditions and strong net exports.

The policy board expects price pressures to ease further in the second half of the year. If sustained, an improvement in the inflation outlook would allow more scope to consider a less restrictive monetary policy stance, the bank said in a statement.

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