The Bangko Sentral ng Pilipinas is expected to match any move by the US Federal Reserve to cut interest rates
in the coming months, a scenario that will be positive for the local financial markets, including the peso, an economist said Monday.
The next local policy meeting is scheduled in September 2023, and Ricafort said local monetary authorities could match the Fed’s move to maintain healthy interest rate differentials to support the stability of the foreign exchange rate, import prices and overall inflation. Ricafort earlier said one factor that contributed to the peso’s weakness was the “tail end” of the seasonal increase in OFW remittances for tuition and other school opening-related payments, followed by the seasonal increase in importation in the third quarter.
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