Philippine Monetary Policy on Hold
August 20, 2009
Previously Bangko Sentral ng Pilipinas had cut its key interest rates by 200 basis points in six steps from December 18 to July 9, such that the overnight lending rate was at6.0% and the overnight borrowing rate was at 4.0%. But as expected, officials declared a “pause” in that easing after today’s meeting in order to assess the results of previous easing, which impact with a lag. The statement released today by officials called current monetary policy settings “appropriate” and predicted in-target inflation over the bank’s policy time horizon.
Copyright Larry Greenberg 2009.
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