The central bank of the Philippines (BSP) on August 8 cut its benchmark interest rate and kept the door open for further easing to buttress the flagging economy (Photo: www.philstar.com) Hanoi (VNA) – The central bank of the Philippines (BSP) on August 8 cut its benchmark interest rate and kept the door open for further easing to buttress the flagging economy. The bank reduced the borrowing rate by a quarter-percentage point to 4.25 percent for the second time in the year. The Philippines’ inflation is now expected to average 2.6 percent this year and 2.9 percent next year, the central bank said, down from its previous estimates of 2.7 percent and 3.0 percent, respectively. Both forecasts are well inside its 2 percent-4 percent target for both years. Speaking with reporters, BSP Governor Benjamin Diokno said the benign inflation outlook provides room for further reduction in the policy rate as a pre-emptive move against the risks associated with weakening global growth. The country’s gross domestic product grew 5.5 percent in the second quarter from a year earlier, the statistics agency said, missing the median forecast for 5.9 percent growth. On a seasonally adjusted basis, the economy grew 1.4 percent, faster… Read full this story
- How The Central Bank Controls The Financial Activities of The Commercial Banks
- Growth of the US Economy Slows: Rising Consumer Prices and Trade Deficit with Exporter China
- UK Banking Crisis - Nothern Rock Seeks Help from Central Bank
- Eight Reasons to Increase Backup Spending When the Economy Slows
- Online Banks: Great Rates, You Win!
- Central Bankers Are Lending Freely
- Canadian Mortgage Rates - Canada's Mortgage Markets & the Global Liquidity Challenge
- Tough Times In 2008 - UK Economy And Jobs Market
- Banks and Monetary Policy: the Mechanics of Interest Rates Setting
- The Yen Carry Trade - The Impact of Rising Japanese Rates
Philippine central bank cuts interest rate as economy slows have 307 words, post on en.vietnamplus.vn at August 8, 2019. This is cached page on VietNam Breaking News. If you want remove this page, please contact us.