BSP makes surprise 75 bps hike in interest rates

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MANILA – The Philippine central bank on Thursday raised its benchmark interest rates by 75 basis points in a surprise off-cycle move, and signalled its readiness to take further policy action to contain broadening inflationary pressures, its governor said.

That brings the key overnight borrowing rate to 3.25% effective Thursday, Bangko Sentral ng Pilipinas Governor Felipe M. Medalla said in its announcement via Facebook. — Reuters