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Philippine central bank keeps interest rate at historic low

The central bank (Bangko Sentral ng Pilipinas (BSP)) of the Philippines kept its key interest rates unchanged on June 24 in the context that it is striving to maintain suitable monetary policy for helping the national economy recover.
Philippine central bank keeps interest rate at historic low ảnh 1Bangko Sentral ng Philipinas Governor Benjamin Diokno (Photo: https://business.inquirer.net/)

Hanoi (VNA) - The central bank (Bangko Sentral ng Pilipinas (BSP)) of thePhilippines kept its key interest rates unchanged on June 24 in the contextthat it is striving to maintain suitable monetary policy for helping thenational economy recover.

The interest rates on the overnight deposit and lending facilities werelikewise kept at 1.5 percent and 2.5 percent, respectively.

BSP Governor Benjamin Dioknosaid economic activity has improved in recent weeks, but the overall momentumof the economic recovery remains tentative as the number of COVID-19 infectionscontinues to rise.

The Philippine currency Peso was virtually unchanged following the BSP'sdecision.
Diokno emphasised thatthe BSP will continue to support the economy as long as necessary, saying thatthe inflation outlook remains balanced.

In May 2021, the Philippines lowered its economic growth target for 2021 and2022 after its Gross Domestic Product (GDP) in the first quarter fell down morethan expected.

The central bank slightly raised its average inflation forecast for 2021 from to4 percent from the previous predication of 3.9 percent./. 
VNA
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