Philippine Finance Minister Benjamin Diokno predicted that his country’s central bank would stop raising the interest rate, citing the likelihood of lower inflation in the country.
The Philippines’ central bank held its main interest rate steady at 6.25%, for the second consecutive meeting in a few days.
The Minister of Finance is one of seven members of the country’s economic decision-making council, which will meet next August to review monetary policy.
The Philippines central bank has raised interest rates 425 basis points to combat inflation since last year, which saw a four-month slowdown to 6.1% in May, but remains above the bank’s target of 2 to 4%.
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