Philippine central bank hikes overnight borrowing rate by 50 bps to 6.0pc
Business
The bank increased the interest rate by 50 basis points to 6.0%.
MANILA (Reuters) - The Philippine central bank raised its benchmark interest rate by 50 basis points to 6.0% on Thursday to tame inflation, which is running at 14-year highs.
Just over half of economists polled by Reuters, 13 of 24, had expected the Bangko Sentral ng Pilipinas to hike rates by a half-point on Thursday.
The rest had pencilled in a smaller quarter-point rise.
