Philippine central bank keeps key rates steady |
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Published
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Thu, 23 Aug 2007 10:50
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MANILA (Thomson Financial) - The Philippine central bank left its key interest rates steady after its policy-setting meeting on Thursday,saying a relatively firm peso and normalizing weather conditions are expected to keep inflation benign.The central bank kept its overnight borrowing rate steady at 6.0 percent and its overnight lending rate at 8.0 percent.'In its decision to maintain policy settings, the Monetary Board considered the benign inflation outlook and noted that the balance of risks to future inflation has remained essentially unchanged,' central bank governor Amando Tetangco Jr said in a statement released ahead of a press briefing.'Rainfall conditions have normalized in most of Luzon (following a dry spell) and the approved wage hike in Metro Manila is not expected to generate additional inflationary pressures,' he said.rocel.felix@thomson.com-ed/clCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Philippine shares at new high in early trade on Wall St rally, interest rate cut 