The Bangko Sentral ng Pilipinas (BSP) is not ruling out any rate increases in 2023 despite expectations that inflation would start declining in January next year.
THE Bangko Sentral ng Pilipinas is not ruling out any rate increases in 2023 despite expectations that inflation would start declining in January next year.
“The very nature of the beast: uncertainty [would prevent us from ruling out rate hikes]. In fact when you look at forecasts, just forecasting the next month is always plus or minus 0.4 [percent]. So many things can happen, [like] a big typhoon,” said the central bank governor. If the BSP would no longer be on rate-increase mode, it is possible to cut the RRR down to around 10 percent from the current 12 percent. Medalla also said “symbolically, we can make it 9.9” percent.
The Monetary Board recently decided to raise the BSP’s overnight reverse repurchase facility by 50 basis points to 5.5 percent, effective 16 December 2022.
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