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BSP's 28-day bill rate up ahead of Fed meeting

By Joann Villanueva

April 28, 2023, 7:16 pm

MANILA – The rate of the Bangko Sentral ng Pilipinas’ (BSP) 28-day bill rose on Friday and demand was high ahead of the United States Federal Reserve meeting next week.
 
Data released by the central bank showed that the average rate of the debt paper rose to 6.7715 percent from 6.7592 percent during the auction last April 24.
 
The BSP lowered the offer volume to PHP150 billion from last week’s PHP170 billion.
 
The auction committee made a full award after bids reached PHP189.375 billion.
 
“The results of the BSP bill auction remained reflective of eligible participants’ strong demand for BSP Securities ahead of the US Federal Reserve’s policy meeting next week,” BSP Deputy Governor Francisco Dakila Jr. said, referring to the May 2-3, 2023 meeting of the Federal Open Market Committee  (FOMC).
 
Dakila said the central bank’s “monetary operations will continue to be guided by its assessment of the prevailing liquidity conditions and market developments.” (PNA)
 
 

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