The recent policy rate setting may have had a “partial pass-through” on the recent auction of interest-bearing term deposits, the central bank said.
THE recent policy rate setting may have had a “partial pass-through” on the recent auction of interest-bearing term deposits, the central bank said.
“The results of the TDF auction reflected the partial pass-through of the BSP policy rate hike last week. Going forward, the BSP’s monetary operations will remain guided by its assessment of the latest liquidity conditions and market developments,” BSP Deputy Governor Francisco G. Dakila Jr. said. However, the BSP said both tenors were undersubscribed with bid-to-cover ratios at 0.71x and 0.85x the respective volume offered in the 7-day and 14-day TDF.
The WAIR for the 7-day tenor rose by 21.3347 bps to 5.4921 percent as that for the 14-day tenor increased by 19.7338 bps to 5.6635 percent.
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