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The US treasury market reaches breaking point

The US treasury market reaches breaking point

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Skip Navigation LinksHome :: Markets/asset classes :: Foreign exchange :: Bangko Sentral ng Pilipinas: rate hike not to dampen growth significantly.

Wednesday, July 23, 2008

Bangko Sentral ng Pilipinas: rate hike not to dampen growth significantly.





Bangko Sentral ng Pilipinas: rate hike not to dampen growth significantly. According to the Manila Times , Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr stated recently that the decision of the BSP to increase its key rates would help to control prices but would not be significantly detrimental to economic growth. Tetangco also said that if interest rates were increased appropriately, it would prevent inflation from adversely affecting output in the long term. Last Thursday, the BSP increased its policy rates by 50bps to 5.75% for the overnight borrowing rate and 7.75% for the overnight lending rate. The BSP also revised its inflation forecast for 2008 to between 9% and 11% from its earlier forecast of between 7% and 9%. The inflation rate surged to a fourteen-year high of 11.4% in June.







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