Filipino rates unmoved despite inflation threat

The Philippines central bank held its overnight interest rates steady at its August monetary policy meeting, despite inflation which is expected to be above-target in 2005 and 2006.

The overnight reverse repo rate (RRP) was held at 7%, and the overnight repo rate was held at 9.25%. The RRP was last raised by 0.25 percentage points in April: the only rise in the last five years.

The BSP argued that monetary tightening would only reduce demand rather than address the key factor behind the rise

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