Philippines central bank keeps key rate at record low

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The Central Bank of the Philippines

The board of the Central Bank of the Philippines kept its policy rates unchanged on August 11, despite the country’s GDP growing by a record quarterly amount.

The board kept its key rate, the benchmark overnight reverse repurchase facility, at its record low of 2%. It also held the overnight deposit and lending facilities rates at 1.5% and 2.5% respectively.

The central bank board will sustain monetary policy support “for as long as necessary”, it said in a statement. It said it would do so to

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