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BSP Policy Rates Remain Unchanged

01.28.2000

“The Bangko Sentral will keep its policy rates  at their present levels.  In particular, the overnight RRP and RP rates will be  maintained  at 8.75    percent  and 11.0 percent, respectively.   The last rate reduction for 1999 was effected on 3 November 1999 when the overnight borrowing rate was cut by 25 basis points.”  

  “The monetary authorities view prevailing monetary conditions as consistent with the BSP’s objective of maintaining price stability and broad stability of the peso.    Thus, there is no need to change interest rates at this time.  The BSP’s monthly inflation projections for 2000 remain broadly within the target band of 6.0-7.0 percent for the year.  At the same time, the peso exchange rate has moved within a relatively narrow range.”

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