RP trims key interest rates

Wed, 13 Jan 1999, 00:00 WIB | Source: AFP

MANILA (AFP): The Central Bank of the Philippines said Tuesday
it had lowered key short-term rates by 0.375 percentage points.

The overnight borrowing rate was reduced from 13.375 percent
to 13 percent while the overnight lending rate was cut from
15.375 percent to 15 percent.

The cut in short-term rates followed a fall in benchmark
Treasury bill rates and the stabilization of the local currency
in recent weeks.

The Central Bank cut these rates by an eighth of a percentage
point in December.

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