BSP hikes key rates to contain inflation
MONETARY authorities on Thursday raised key interest rates for the third time this year to contain rising inflation.
The Bangko Sentral ng Pilipinas’ (BSP) policy-setting Monetary Board raised its key interest rates by 50 basis points (bps), bringing its overnight borrowing, lending and deposit rates to 4 percent, 4.50 percent, and 3.50 percent, respectively.
The Monetary Board also revised upward its inflation forecasts for 2018 and 2019 to 4.9 percent and 3.7 percent, respectively, from 4.5 percent and 3.3 percent previously.
For 2020, monetary authorities have set an inflation forecast of 3.2 percent. MAYVELIN U. CARABALLO
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