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Economy

Indonesia, Philippines hike key rates in bid to tame inflation

Prices rising faster than central bank targets in both Southeast Asian nations

The central banks of Indonesia and the Philippines both raised rates on Thursday. (Source photos by Reuters) 

BALI, Indonesia/MANILA -- The central banks of Indonesia and the Philippines both raised their benchmark interest rates on Thursday, as the two Southeast Asian economies seek to tame inflation.

Bank Indonesia raised its seven-day reverse repurchase rate by 50 basis points to 5.25%, the highest since September 2019. The fourth consecutive monthly hike was within market expectations.

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