Monetary board - Latest News Update, Information, Photos & Videos on Monetary board at Lokmat Times

Manila, June 23 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.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Pahalgam Terror Attack

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

Monetary BoardFOLLOW

Monetary board, Latest News

International :SL central bank maintains current interest rates to continue disinflation

Colombo, April 5 The Central Bank of Sri Lanka announced a decision to maintain its Standing Deposit Facility ... ...

Politics :Philippine central bank hikes interest rate to tame inflation

Manila, March 23 The Philippine central bank on Thursday announced its decision to raise the interest rate on ... ...

Politics :Philippine central bank hikes interest rate to 2.5%

Manila, June 23 The Philippine central bank on Thursday decided to hike the interest rate on the overnight ... ...