BSP maintains interest rates

Jun 13, 2013 5:23 PM PHT

Rappler.com

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The central bank says inflation is likely to stay benign

MANILA, Philippines – Citing benign inflation, the Bangko Sentral ng Pilipinas (BSP) kept its interest rates steady in a policy meeting Wednesday, June 13.

The overnight borrowing rate remains at 3.5%, and the overnight lending, at 5.5% — both record lows, said the central bank. Rates on special deposit accounts were also maintained.

“The Monetary Board’s decision is based on its assessment that the inflation environment remains benign,” it said. “Latest baseline forecasts indicate that inflation will remain within target for 2013 until 2015.”

Inflation stood at 2.6% in May and 3% in the first 5 months of the year, at the low end of the government’s full-year target range of 3% to 5%. – Rappler.com