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Philippine central bank hikes interest rate to 2.5%
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IANS | 23 Jun, 2022
The Philippine central bank on Thursday decided to hike the interest
rate on the overnight reverse repurchase facility by 25 basis points to
2.5 per cent effective Friday to curb inflation.
Bangko
Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said the Monetary
Board also decided to raise the interest rates on the overnight deposit
and lending facilities to 2.0 per cent and 3.0 per cent, respectively,
reports Xinhua news agency.
"The Monetary Board noted that upside
risks continue to dominate the inflation outlook up to 2023, with
pressures emanating from the potential impact of higher global non-oil
prices, the continued domestic fish supply shortage, and pending
petitions for transport fare hikes due to elevated oil prices," Diokno
said in a press conference.
Meanwhile, he said the impact of a
weaker-than-expected global recovery and the possible reimposition of
local Covid-19 pandemic restrictions amid an uptick in infections
continue to be the main downside risks to the outlook.
The BSP's
latest baseline forecasts have shifted higher, with average inflation
projected at 5.0 per cent in 2022 and 4.2 per cent in 2023.
At
the same time, Diokno said inflation expectations have continued to
rise, adding that elevated expectations highlight the risk of further
second-round effects arising from sustained price pressures.
He
said the BSP is prepared to take all necessary policy action to bring
inflation toward a target-consistent path over the medium term and
deliver on its primary mandate of price stability.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
₹95.3
|
₹93.6 |
UK Pound
|
₹127.7
|
₹123.7 |
Euro
|
₹110.65
|
₹106.9 |
| Japanese
Yen |
₹59.75 |
₹57.9 |
| As on 24 Jun, 2026 |
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