The Philippine central bank raises its key policy rate to 6.25%, saying that anchoring inflation is its 'highest priority.'
MANILA, Philippines – The Bangko Sentral ng Pilipinas is implementing another hike in interest rates as it tries to slow down inflation.
In a rate-setting meeting on Thursday, March 23, the BSP’s Monetary Board raised its key policy rate by 25 basis points , bringing it to 6.25%. The increase will take effect on Friday, March 24, and will push up the central bank’s interest rates on the overnight deposit and lending facilities to 5.75% and 6.75%, respectively.
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