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Economy

Philippines, Indonesia lift interest rates again to curb inflation

Taiwan and others also hike as Asian central banks follow U.S. tightening

The central banks of Indonesia and the Philippines have both been tightening to rein in inflation. (Source photos by Reuters) 

MANILA/JAKARTA -- The central banks of the Philippines, Indonesia and some other Asian economies moved to raise benchmark interest rates on Thursday, as policymakers step up efforts to restrain inflation.

The Philippines' latest hike, by 50 basis points or half a percentage point, brings the benchmark to 4.25%, the highest since August 2019. Bank Indonesia, meanwhile, hiked its policy rate for the second consecutive month, also by 50 basis points to 4.25%, surpassing most analysts' expectations.

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