The Bangko Sentral ng Pilipinas (BSP) has said that its open market operations are beginning to “bite” into the financial system as shown by the results of the latest term deposit facility (TDF) auction on Wednesday.
“We are seeing the initial signs that the open market operations of the BSP under the IRC [interest rate corridor] are beginning to bite,” BSP’s deputy governor, Diwa Guinigundo, told reporters in a text message on Wednesday.
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