BSP keeps key rates unchanged

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Cuts 2015 inflation forecast

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THE Philippine central bank kept its key interest rates unchanged, but trimmed its inflation forecast for 2015 to 1.6 percent at a monetary policy meeting on Thursday.

The previous forecast for the full year was 1.8 percent.

Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. said the Monetary Board’s decision is based on its assessment of the dynamics and risks in the inflation environment over the policy horizon.

For 2016, the central bank adjusted upward its inflation forecast to 2.6 percent from the previous projection of 2.5 percent, and raised it further to 3 percent for 2017.

Last week the US Federal Reserve decided to hold its key Fed rate steady at the zero level in a move that Fed chair Janet Yellen said was based on the current inflation outlook, and partly influenced by the ongoing crisis in China.

MC/NT

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