BSP raised its key policy rate by 75 basis points to combat inflation and prevent the peso from declining further against the U.S. dollar.
by 75 basis points on Thursday, as previously flagged by its governor, to combat inflation and prevent the peso from declining further against the U.S. dollar.vote to hike rates by three-quarters of a point
, told a media briefing an “aggressive monetary policy action” was needed to tame inflationary pressures. The adjustment, the sixth this year, brought the rate on the central bank’s overnight reverse repurchase facility to 5.0%, the highest in nearly 14 years, and compares with the U.S. Federal Reserve’s 3.75%-4% policy rate.early this month and keep the differential between U.S. and Philippine rates from narrowing sharply.
A shrinking rate gap has weakened the peso and raised the cost of fuel and other imported goods, driving inflation in the Philippines
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