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Philippine central bank makes surprise 75 bps hike in interest rates

July 14, 2022By Reuters

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 Medalla said in its announcement via Facebook.

(Reporting by Enrico Dela Cruz, Karen Lema and Neil Jerome Morales; Editing by Ed Davies)

This article originally appeared on reuters.com

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