BSP tightens to fight inflation caused by Middle East conflict
Governor says easing cycle is over as bank forecasts price rises of 6.1% this year and 4.1% in 2027
The Philippines’ central bank raised interest rates today (April 23) to combat surging inflation caused by the conflict in the Middle East.
Governor Eli Remolona said at a press conference that the Central Bank of the Philippines (BSP) had increased its benchmark policy rate by 25 basis points to 4.5%. “The reason is clear: the inflation outlook has deteriorated amid the ongoing conflict in the Middle East,” the governor said.
Deputy governor Zeno Abenoja said the BSP’s most recent inflation
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