Total bids for the BSP’s term deposits reached P276.096 billion, below the P280-billion offer as well as the P286.885 billion in tenders against a P310-billion offer recorded last week.
Meanwhile, demand for the 14-day term deposits amounted to just P106.770 billion, below the P130-billion offering. This was also lower than P132.523 billion in tenders for the P140-billion oAccepted rates for the papers were from 4.48% to 5.2125%, higher than the 4.3% to 4.8445% range seen on Oct. 12. With this, the average rate of the two-week paper inched up by 11.19 bps to 4.7611% from 4.6492% in the previous week’s auction.
BSP Governor Felipe M. Medalla last week said the central bank will consider another big rate hike in their Nov. 17 policy meeting to support the peso and prevent its depreciation from furMr. Medalla said they are looking at a 50-bp or 75-bp increase next month to help cool inflation and ease currency pressures stemming from a strong dollar amid the Federal Reserve’s hawkish stance.
Philippine headline inflation was at 6.9% last month, up from 6.3% in August and 4.2% in the same month last year. It matched the 6.9% print in October 2018 and was the fastest since the 7.2% pace logged in February 2009.
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