The Monetary Board of the Bangko Sentral ng Pilipinas ( BSP ) decided to pause its monetary tightening efforts as inflation expectations are now expected to be within target by 2024 and 2025. The Target Reverse Repurchase (RRP) Rate remains unchanged at 6.5 percent. The interest rates on the overnight deposit and lending facilities will be maintained at 6 percent and 7 percent, respectively. The BSP said the risk-adjusted inflation forecasts remain above target for 2024 at 4.
4 percent and within the target for 2025 at 3.4 percent. “The Monetary Board continues to deem it necessary to keep monetary policy settings sufficiently tight until a sustained downtrend in inflation becomes fully evident and inflation expectations are firmly anchored,” BSP said. “Guided by incoming data, the BSP remains prepared to resume monetary policy tightening as necessary to steer inflation towards a target-consistent path, in line with its price stability mandate,” it added. The BSP adjusted the inflation outlook for 2024 from the 4.7 percent estimate made in the previous off-cycle meeting in Octobe
BSP Monetary Tightening Inflation Expectations Target Interest Rates
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