Monetary Policy Where It Belongs

PHILIPPINES - Report 09 Jun 2015 by Romeo Bernardo and Christine Tang
Executive SummaryThe BSP has been telling markets that it will be moving into an interest rate corridor approach in implementing monetary policy. The plan, expected to be in place by early next year, will involve first putting in place a new deposit auction system to augment existing liquidity management tools. The facility is intended to help the BSP reel in excess liquidity and over time enable the overnight RRP rate to more effectively guide market rates, something that has for a while now been left to fiscal authorities, who conduct treasury security auctions based on cost minimization....

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