Philippine central bank governor says he wants to lower reserves that banks hold
Philippine central bank governor Benjamin Diokno said he plans to slash the country's reserve requirement ratio from the current 18% to a single digit before he steps down.Benjamin Diokno, governor of the Philippines central bank.central bank plans to relax in the coming years an important rule governing the amount of reserves that commercial banks must hold, according to its governor, Benjamin Diokno.
That rule is the reserve requirement ratio, which affects the amount of money banks must hold onto and what they have to loan. The ratio currently stands at 18% in the Philippines — one of the highest in the region, Diokno told CNBC's Mandy Drury on Friday at theHe added that he plans to slash the ratio to a "single digit" before the end of his term.Philippine central bankers are scheduled to meet and decide on monetary policy on May 9.
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