Philippines central bank on hold, despite surging inflation

The BSP keeps its policy rate on hold, despite inflation reaching the top of its target band

The Central Bank of the Philippines has decided not to change its monetary policy, despite growing concerns over inflation.

The decision to maintain the overnight reverse-repurchase rate at 3% was widely expected by analysts. But the consensus is for the BSP to hike at least twice this year – possibly as early as March – to tackle surging inflation.

In a statement published today (February 8), the BSP explained the steady policy decision is based on its assessment that inflation will retreat

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