BSP shocks market with off-cycle 75bps rate hike

By Mayvelin U. Caraballo

Jul 14, 2022 1:09 pm

THE Bangko Sentral ng Pilipinas (BSP) shocked the financial market on Thursday by announcing an aggressive 75 basis point off-cycle interest rate hike in a bid to contain rising consumer prices.

The Monetary Board, which sets policy, increased the overnight borrowing, deposit, and lending rates of the central bank to 3.25 percent, 2.75 percent, and 3.75 percent, respectively, effective June 24, 2022.

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