Indonesia, Philippines Keep Rates Steady to Bolster Recovery
- All economists surveyed expected both banks to stand pat
- Fed tapering, pace of recovery to determine policy path
A woman walks past signage displayed at the Bangko Sentral ng Pilipinas headquarters in Manila.
Photographer: Veejay Villafranca/BloombergThis article is for subscribers only.
Indonesia and the Philippines kept borrowing costs unchanged, as expected, to aid the two economies that bore the brunt of Covid-19 outbreaks in Southeast Asia this year.
Bangko Sentral ng Pilipinas held the key rate steady at 2% Thursday, as predicted by all 20 economists in a Bloomberg survey. Shortly after, Bank Indonesia decided to keep its benchmark rate unchanged at 3.5% as expected by all 28 economists.