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THE Monetary Board of the Bangko Sentral ng Pilipinas has decided to take an off-cycle action to raise its policy rate by 25 basis points effective Friday, Oct. 27, 2023, in a bid to tame inflation.The interest rate for loans is now at 6.5 percent.When a central bank goes for an off-cycle hike, it means that they are raising interest rates outside of their regular or scheduled policy meetings.
Stagflation is used to describe a situation characterized by a combination of stagnant economic growth, high unemployment, and rising inflation.BPI’s lead economist Emilio Neri said monetary policy continues to have a role in managing inflation even if the cause is mostly on the supply side.“Inflation driven by supply may eventually lead to second-round effects, which the BSP aims to counter with its rate hikes.
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