Bangko Sentral Hikes Rates

The Philippine central bank has hiked interest rates to their highest level in more than 3½ years as surging fuel prices push up inflation. At its monthly policy meeting on September 22, the Bangko Sentral's policy board raised the key overnight borrowing rate by a quarter of a percentage point to 7.25%, the highest level since February 2002. The overnight lending rate rises by the same amount to 9.50%. The move will go some way towards restraining inflationary expectations, but higher borrowing costs will weigh down on economic

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