On the other hand, Republic Act No. 11439, or “An Act Providing for the Regulation and Organization of Islamic Banks” mandates the BSP to exercise regulatory powers and supervision over the operations of Islamic banks. This will unlock the full potential of Islamic financing in fostering inclusive economic growth.
The low rates helped the government finance the war, but after the war ended, inflation soared. It subsided for a time but, with the Korean War, spiked again. In 1951, Marriner led other Board members in 1/2  BIS central bankers' speeches  precipitating a clean break with the peg arrangement, laying the foundation for the modern Fed.