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.
Bangko Sentral ng Philipinas Governor Benjamin Diokno (Photo: https://business.inquirer.net/)Hanoi (VNA) - 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.
The interest rates on the overnight deposit and lending facilities were likewise kept at 1.5 percent and 2.5 percent, respectively.
BSP Governor Benjamin Diokno said economic activity has improved in recent weeks, but the overall momentum of the economic recovery remains tentative as the number of COVID-19 infections continues to rise.
The Philippine currency Peso was virtually unchanged following the BSP's decision.
Diokno emphasised that the BSP will continue to support the economy as long as necessary, saying that the inflation outlook remains balanced.
In May 2021, the Philippines lowered its economic growth target for 2021 and 2022 after its Gross Domestic Product (GDP) in the first quarter fell down more than expected.
The central bank slightly raised its average inflation forecast for 2021 from to 4 percent from the previous predication of 3.9 percent./.
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