Investing.com - Financial Markets Worldwide
🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

Philippines c.bank says 'deeper' policy rate cut needed to cushion virus blow

Published 04/12/2020, 10:39 AM
Updated 04/12/2020, 10:40 AM

MANILA, April 12 (Reuters) - The Philippines' central bank
governor on Sunday said another 200 basis-point cut in its
reserve requirement ratio (RRR) is "forthcoming" and signalled
there will be more interest rate cuts to cushion the economic
blow of the coronavirus outbreak.
The central bank has slashed its policy interest rate
PHCBIR=ECI by a total of 75 basis points (bps) so far this
year to 3.25% - more than the 50 bps reduction to which it had
earlier committed. It also cut the ratio of funds it requires
banks to keep in reserve by 200 bps last month to boost
liquidity in the economy.
"It is now clear that reverting to where we were in 2018 -
policy rate at 3.0% - is no longer an appropriate policy goal,"
Benjamin Diokno told reporters. "A deeper cut is warranted in
response to the expected sharp economic slowdown."

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.