BSP keeps rates steady; trims inflation 2015 forecast to 2.2%

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The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) decided on Thursday to hold its key interest rates steady but revised downward its inflation forecast for 2015.

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The BSP now projects inflation for full-year 2015 at 2.2 percent, down from a previous forecast of 2.3 percent. For 2016, it retained the forecast at 2.5 percent.

For its key policy stance, it kept the rate for overnight borrowing, or reverse repurchase (RRP) facility at 4 percent, while that for overnight lending or repurchase facility stays at 6 percent, the BSP announced after its policy meeting.

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

MAYVELIN U. CARABALLO

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