MONETARY authorities are expected to keep interest rates steady this Thursday with inflation still within target despite having risen for the last three months.
Analysts polled by The Manila Times said there was no rush to revise monetary policy, particularly since April inflation came in lower than expected.The 3.8-percent result — below the consensus estimate of 4.1 percent — also fell within the Bangko Sentral ng Pilipinas' 3.5- to 4.3-percent forecast.Inflation, which has now stayed within the 2.0- to 4.0-percent target since December, is still expected to keep rising — leading to key interest rates also remaining higher for longer.
Oxford Economics Japan economist Makoto Tsuchiya said the central bank was likely to maintain its relatively hawkish stance and only start easing by yearend or possibly early in 2025.'We expect the BSP to stay on hold until the fourth quarter of 2024,' Tsuchiya said.Emmanuel Lopez, dean of the Colegio de San Juan de Letran Graduate School, pointed to the peso's recent weakness against the dollar, higher fuel prices, and food inflation as reasons to keep key rates unchanged.
Sentral Seen Keeping Rates Steady
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