Recto expects BSP to keep interest rates steady in April

Finance Secretary Ralph Recto expects the Bangko Sentral ng Pilipinas to keep the interest rates steady for its fourth consecutive policy meeting since October 2023.

The Monetary Board kept the overnight borrowing rate unchanged at 6.50 percent and the overnight deposit and lending facilities at 6.0 percent and 7.0 percent in its February meeting this year. Recto said, however, the MB would likely cut policy rates by “possibly 50 basis points” later this year. “It might be two each. But it is the entire board that will decide,” he said.BMI, a Fitch Solutions company, earlier said it was anticipating a 75-bps interest rate cut by the second half of 2024 in line with expectations of the US Federal Reserve’s adjustments.

Another major factor being considered by the BSP is the inflation rate which picked up to 3.4 percent in February from 2.8 percent in January this year.

Source: Loan Digest (loandigest.net)

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