BSP pauses, keeps key rates unchanged after 4 cuts in a row

MANILA - The Bangko Sentral ng Pilipinas on Thursday kept the benchmark overnight borrowing rate steady at 2.

25 percent after 4 interest rate cuts this year as the newly downgraded COVID-19 restrictions stepped up the gas for economic recovery.

Metro Manila and its neighboring provinces were placed back under the lesser strict general community quarantine until Aug. 31. Under GCQ, more businesses and public transport are allowed to operate. For this year, the BSP adjusted its inflation forecast to 2.6 percent from 2.3 percent, and 3 percent from 2.6 percent in 2021.

Diokno, however, said, the Monetary Board still has elbow room to use its "full arsenal" of actions if needed to help cushion the impact of the pandemic to the economy.

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