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Philippine central bank cuts key interest rate to record low

Surprise move lowers benchmark to 2.25% to combat coronavirus slowdown

The central bank of the Philippines unexpectedly further lowered its policy rate cut key rate on Thursday.   © Reuters

MANILA -- The Philippine central bank on Thursday cut its key interest rate by 50 basis points to counter the economic slowdown brought on by the coronavirus pandemic.

The reduction brought the benchmark interest rate to a record low of 2.25%. The bank has cut rates by a total of 175 basis points so far this year.

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