Philippine central bank to move to interest rate corridor system on June 3
[MANILA] The Philippine central bank will make the transition to an interest rate corridor (IRC) system starting on June 3, Deputy Governor Diwa Guinigundo said on Monday.
The IRC, Mr Guinigundo said, is aimed at "steering market rates close to BSP policy rates." "We are making transmission of monetary policy more effective," Mr Guinigundo told a media briefing.
On Thursday, the central bank, expecting economic growth to remain strong after the country's leadership change, kept its benchmark interest rate steady at 4.0 per cent, where it has been since September 2014.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Sri Lanka’s economy expected to grow 3% in 2024, central bank says
Yellen says US can bring inflation down without hurting jobs
US dollar briefly falls versus yen after GDP data
US weekly jobless claims unexpectedly fall
US economic growth slows more than expected in Q1
Malaysia ex-PM Mahathir facing anti-graft probe in a case involving his sons