Central Bank of the Philippines cuts rates at emergency meeting

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The Central Bank of the Philippines cut its key policy rate to 2.75% at an unscheduled meeting today (April 16), in response to the Covid-19 pandemic.

The central bank’s monetary policy committee also cut the overnight lending and deposit rates by 50 basis points each. The changes, which come into effect on April 17, place rates at their lowest level since the bank adopted an interest-rate corridor system in 2016.

The central bank had previously scheduled its next monetary policy meeting for

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