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Byline: Clarissa S. Batino
THE BANGKO Sentral ng Pilipinas cut overnight interest rates by a quarter of a percentage point at its policy-making Monetary Board meeting yesterday.
"The benign inflation outlook in part due to broad stability in the exchange rate and lower oil prices underpin the board's decision to ease monetary policy," Bangko Sentral Governor Rafael Buenaventura told reporters.
The rate cut, effective today, reduces the overnight borrowing rate to 7.75 percent and the lending rate to 10 percent, levels that should help revive the domestic economy next year.
Under the Bangko Sentral's tiering scheme, however, overnight …