The central bank kept its key interest rates unchanged on Thursday, pointing to encouraging signs that the country’s ultra loose monetary policy regime is helping the economy recover from its deepest postwar slump.
In an online press briefing, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said the Monetary Board had decided to maintain the overnight borrowing rate—on which banks use to price their own loans—at 2 percent.
The interest rates on the overnight deposit and lending facilities were likewise kept at 1.5 percent and 2.5 percent, respectively.
“The Monetary Board also observed that economic activity has improved in recent weeks, but the over…
Keep on reading: BSP keeps interest rates at historic lows