Financial institutions shied away from the central bank's short term borrowing windowon Wednesdaywith many betting they get better returns on their funds afterThursday'sMonetary Board meeting where a rate hike is expected. Because of this, the weekly term deposit facility (TDF) auction of the Bangko Sentral ng Pilipinas was undersubscribed for the second week in a row. "Everyone is betting on a rate hike [on Thursday] so there's no rush to use the TDF for the longer dated tenors," a bank treasurer said. DuringWednesday'sauction, financial institutions pushed interest rates higher on the seven-, 14- and 28-day instruments despite weak demand for the ...
Keep on reading: Banks bet on Thursday rate hike as they shy away from BSP deposit window
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