Philippine National Bank Raise interest rates for the first time in

Philippine National Bank Raise interest rates for the first time in 3 years to control inflation

Philippine National Bank Raise interest rates for the first time in 3 years to control inflation
The Philippines' central bank announced on May 19 it raised its policy interest rate for the first time in more than three years, in an effort to tackle inflation caused by skyrocketing oil prices and food shortages that have driven up the cost of living.

The central bank raised its policy interestเล่นสล็อต ฟรีrate by 0.25 percent, with government bond interest rates rising to 2.25 percent, while deposit and loan interest rates rose to 1.75 and 2.75 percent, respectively.

The rate hike came after expectations that domestic inflation could reach 4.6 percent this year. while 2023 inflation is projected to be 3.9 percent.

Benjamin Diogno, Governor of the Central Bank of the Philippines Indicates that employment growth during the first quarter This leaves financial regulators room to mitigate market interventions during the epidemic. At this time, we must focus on solving the problem of inflation caused by oil prices. war in ukraine and shortages of pigs and fish that raise the cost of living.

The Philippine Central Bank has kept its interest rate unchanged at 2 percent since November 2020, the lowest rate in history. The last time the Philippines raised interest rates was in November 2018.