Banks swamp BSP antiinflation auction

Financial institutions swamped the central bank auction for its liquidity mop up facility offering to deposit substantially more cash than what the regulator was willing to accept, but whose yields continued to rise anyway despite the oversupply in cash. Bankers said the across-the-board increase in yields of the Bangko Sentral ng Pilipinas' weekly term deposit facility auction was prompted by expectations that inflation would continue rising over the near term. Banks submitted a total of P124 billion in bids for the combined P100 billion that the central bank put on offer for all three tenors of its antiinflation instruments---the first time in several weeks that the entire auctio...

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