MONETARY authorities kept key interest rates unchanged as expected on Thursday and firmly signaled that an easing could still come as early as August.
Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. told reporters that they were 'somewhat more dovish' as inflation expectations were now well-anchored, keeping the central bank's policymaking Monetary Board 'on track to cut in the third quarter.'The Board will only be meeting once during the period, on August 15. Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. Photo from BSP 'Inflation is moving closer to the midpoint of the 2.0 to 4.
In a statement issued following the Monetary Board meeting, the BSP said that risks to the inflation outlook had now shifted to the downside, prompting revisions to inflation forecasts for this year and the next.The Monetary Board trimmed its risk-adjusted forecast for 2024 to 3.1 percent from 3.8 percent and that for 2025 was also cut to 3.1 percent from 3.7 percent.The baseline forecasts for 2024 and 2025 were lowered to 3.3 percent and 3.1 percent, respectively, from 3.5 percent and 3.
Rates Unchanged August Easing 'On Track'
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BSP's Monetary Board retains interest rates at 6.5%The Bangko Sentral ng Pilipinas’ (BSP) Monetary Board (MB) has left interest rates untouched, the central bank announced on Thursday.
Read more »
BSP: Monetary Board can still do 'most duties'THE Monetary Board will still be able to perform its functions despite a 'ghost' employee scandal that could lead to the departure of two members, the Bangko Sentral ng Pilipinas (BSP) said.
Read more »
BSP: Policy rate cut in August 'somewhat more likely than before'Latest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »
BSP likely to keep policy rates steadyThe Bangko Sentral ng Pilipinas (BSP) is widely expected to keep the key interest rate at its current level on Thursday to mitigate possible inflationary pressures and to support the peso against the dollar.
Read more »
BSP likely to maintain rates this month to support pesoDefining the News
Read more »
Metrobank expects BSP to cut rates by 50 bps this yearDefining the News
Read more »