Philippine central bank pauses tightening as inflation eases
Governor Medalla says rate rises seem to have affected domestic demand
The Philippine central bank has paused its monetary tightening cycle after nine consecutive interest rate hikes, as inflation eases.
The BSP’s seven-member monetary board decided to keep its overnight reverse repurchase rate unchanged at 6.25% today (May 18). It has raised the benchmark rate by a total of 425 basis points since May last year.
The decision came as the bank revised downwards its inflation forecasts for this year and next. It now expects headline inflation to average 5.5% for
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Monetary Policy
MPCs largest in inflation-targeting central banks
Government reps attend meetings in two-thirds of jurisdictions with other regimes
BNM’s Rasheed on inflation, growth and currency performance in emerging markets
Malaysia’s governor speaks about balancing inflation and growth, supporting the ringgit, multilateral currency settlement and greening Islamic finance
Monetary policy budget averages under $2 million annually
Budgets larger in high income, upper-middle income central banks
Briefing, analysis and research are monetary policy officials’ top duties
Average departmental staff remains below 40 persons
Half of central banks use forecast errors to assess policy impact
Surveys of expectations widely used but surveys of trust and understanding are less common
Masaaki Shirakawa on his ‘unease’ about 2% inflation targets and lessons from Japan
Former BoJ head speaks about the need to understand banking, make contingency plans and current policy constraints
Canadian rate hikes may have lasting effects – research
Bank of Canada researchers find disposable income could decrease by up to 5% by 2027
US inflation’s last mile ‘could take several years’ – Cleveland Fed
Favourable shocks are necessary to reach 2% quickly, researcher argues