Forex Blog: Currency Trading News & Analysis.

October 20th 2005

Central Bank of Philippines raises interest rates

In a surprising move, the Central Bank of Philippines raised interest rates for the third time this year. The move was seen by investors as a preemptive response to certain inflationary trends. The Central Bank also admitted to trying to maintain the interest rate differential between Philippines and the US, so that creditors would continue to hold its debt. The Philippines also recently raised its value-added-tax in order to boost government revenues and decrease its reliance on foreign borrowing. The Philippine Peso received support from the news, reports The Financial Times:

Thursday’s action, which lifted the peso in the last few minutes of trade, took the central bank’s overnight borrowing rate to 7.50 percent and its overnight lending rate to 9.75 percent.

Read More: Philippines raises rates to tackle inflation

SocialTwist Tell-a-Friend
Posted by Adam Kritzer | in Central Banks, Exotic Currencies | No Comments »

Sponsored Offers

FREE Daily Email Updates

Enter your email address:

Delivered by FeedBurner

Have Questions? Want to Share Your Review?

Be heard. Please share your reviews today!

Neighboring Posts

© 2004 - 2014 Forex Blog.org. Currency charts © their sources. While we aim to analyze and try to forceast the forex markets, none of what we publish should be taken as personalized investment advice. Forex exchange rates depend on many factors like monetary policy, currency inflation, and geo-political risks that may not be forseen. Forex trading & investing involves a significant risk of loss.