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Philippines c.bank says another 25 bps rate cut coming by end-2019

Published 08/27/2019, 11:56 AM
Updated 08/27/2019, 12:00 PM
© Reuters. Philippines c.bank says another 25 bps rate cut coming by end-2019

MANILA, Aug 27 (Reuters) - The Philippine central bank will
make another 25 basis point cut in policy rates before the end
of the year as it expects prolonged global monetary easing, its
governor said on Tuesday.
"Another 25 basis points before the end of the year," Bangko
Sentral ng Pilipinas Governor Benjamin Diokno replied when asked
at an economic forum if there are more rate cuts in the offing.
The Philippine central bank cut its benchmark interest rate
PHCBIR=ECI by 25 basis points, its second this year, to 4.25%
on Aug. 8. It kept the door open for further easing to boost the
economy, which grew at its slowest in 17 quarters in April-June.
Diokno added that further cutting banks' reserve requirement
ratio (RRR) is a "live issue". The central bank has announced
that further RRR reductions, which would release more money to
the economy, can be expected before its Sept. 26 policy meeting.

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