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Philippines surprises with big rate hike to cool inflation

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Bangko Sentral ng Pilipinas raised its key interest rate to 3.25%, effective immediately.

Bangko Sentral ng Pilipinas raised its key interest rate to 3.25%, effective immediately, Governor Felipe Medalla said in a Facebook Live today. The bank was scheduled to review policy on Aug 18.

"By taking urgent action, the Monetary Board aims to anchor inflation expectations further and temper mounting risks to the inflation outlook,” he said. Latest data showed consumer prices in the Philippines rose 6.1%, the highest level since late 2018, while the peso is down nearly 9% so far this year.

 

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