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Medalla Says Central Bank Will Likely Pause In Next 2-3 Meetings

BSP

BSP Governor Felipe Medalla holds a press briefing after the central bank left interest rates on hold. The official guides that the pause in interest-rate action will likely continue for the next 2-3 monetary policy meetings.

  • Medalla emphasises that the BSP are unlikely to cut interest rates in the next policy meeting (June 22), adding that it would be best to cut the RRR when pandemic measures expire in June.
  • In the meantime, upside risks to the CPI outlook warrant readiness to resume tightening if needed, with the central bank monitoring signals on price pressures and the impact of tightening delivered to date.
  • Medalla said that inflation is expected to return to the +2.0%-4.0% Y/Y target range by Q4. Headline CPI growth eased more than forecast to +6.6% Y/Y in April, but the central bank remains concerned about insufficient decline in core inflation.
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