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Philippines raises key interest rate to 6%, Indonesia holds steady

Manila's hike of 50 basis points follows fastest price rises in 14 years

Onions are displayed at a public market in Manila in January, when inflation hit a 14-year high of 8.7%.   © Reuters

MANILA/JAKARTA -- The Philippines' central bank on Thursday lifted its key interest rate by 50 basis points after inflation hit a fresh 14-year high, while Indonesia kept its benchmark unchanged for the first time in half a year.

In its first policy meeting of 2023, the Philippine central bank raised the benchmark rate to 6%, sustaining a tightening cycle that started last year, when the rate was hiked by a total of 3.5 percentage points. The key rate is now at its highest since August 2008.

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