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FinancialPhilippine Central Bank Holds Key Interest Rate (RTTNews) - Thursday, the Philippines central bank kept its key interest rate unchanged for the third straight rate-setting session. The decision was in line with economists' expectations. At its meeting today, the Monetary Board of the Bangko Sentral ng Pilipinas decided to keep its key policy interest rates steady at 4% for the overnight borrowing or reverse repurchase facility and 6% for the overnight lending or repurchase facility. The central bank said current rates are appropriate. "Demand-side pressures on consumer prices continue to be limited and inflation expectations well anchored," the central bank said in a statement. Earlier in the day, official data showed headline inflation increased to 1.6% in October from 0.7% in September. On the supply side, the central bank said price pressures from crop losses due to the recent calamities are not expected to have a significant long-lasting impact on inflation. With such flexibility, the policy makers also believes that keeping the policy rates steady will help support domestic demand, including the reconstruction efforts of the government, and economic activity in the near term. "Going forward, the BSP will continue to monitor the risks to the inflation outlook, which include commodity prices, and will adjust monetary policy settings if needed to achieve its price stability objective," the central bank said. |
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