THE Bangko Sentral ng Pilipinas will observe a seven-day 'quiet period' before monetary policy meetings in a bid to reduce speculation and possible confusion over public statements.It said that 'forward guidance requires the BSP to exercise transparency, to be consistent in its messaging, and to project a single voice to the public when communicating the intention and direction of monetary policy.''To enhance this policy tool, the BSP shall adopt a quiet period ...
'Only information that has already been cleared for publication by appropriate officials, made widely available to the public prior to the quiet period and without reference to prospective monetary policy decisions may be provided,' the central bank said.Technical staff who have access to confidential policy-related information are also covered by the restrictions.Local financial markets have fallen over the last few days amid concerns over the direction of monetary policy.