Indonesia, the Philippines stay on hold as recovery gains speed

“Don’t jump to the conclusion that if the Fed fund rate increases, then the BI rate will follow. That is not true,” BI governor Perry Warjiyo said in a briefing in Jakarta.

MANILA: Central banks in Indonesia and the Philippines held their key interest rates steady to help entrench economic recoveries that are picking up pace as South-East Asia’s worst Covid outbreaks recede.

Bangko Sentral ng Pilipinas left the benchmark rate at 2% yesterday, as predicted by all 20 economists in a Bloomberg survey.