Philippines central bank keeps key rate at record low

Central bank pledges loose policy “for as long as necessary” as Covid-19 cases increase

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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