BSP keeps key rates, cuts inflation forecast

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THE Philippine central bank held its key interest rates steady as expected, but lowered its inflation forecast for 2015 at a monetary policy meeting on Thursday.

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The Bangko Sentral ng Pilipinas (BSP) now projects inflation for the year at 1.8 percent, down from a previous forecast of 2.1 percent. For 2016, the forecast was retained at 2.5 percent.

For its key policy stance, the Monetary Board of the BSP kept the rate for overnight borrowing at 4 percent and that for overnight lending at 6 percent, it announced after the Monetary Board meeting on Thursday afternoon.

The BSP also kept the special deposit account (SDA) rate unchanged at 2.50 percent, while the reserve requirement ratio for banks still stands at 20 percent.

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