THE Bangko Sentral ng Pilipinas on Thursday slashed the reserve requirement ratios of banks by as much as 250 basis points, bringing down the effective ratios across banks to single digit, as it seeks to ensure “stable” domestic liquidity and credit conditions.
The reduction in RRRs shall take effect on the reserve week beginning June 30 and shall apply to the local currency deposits and deposit substitute liabilities of banks and NBQBs. The BSP noted that the implementation of the reduced RRR will coincide with its inaugural offering of a 56-day BSP bill, which will serve as an “additional instrument for absorbing system liquidity.”
BSP Governor Felipe M. Medalla earlier signaled that the central bank could slash the RRR before the end of the first half should the inflation print cool down.
Source: Loan Digest (loandigest.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BSP cuts RRR for banks, non-banksThe Bangko Sentral ng Pilipinas (BSP) has reduced both banks and non-banks’ reserve requirement ratios (RRR) to single-digit levels effective end-June this year, BSP Governor Felipe M. Medalla announced on Thursday, June 8. | ManilaBulletin
Source: manilabulletin - 🏆 25. / 51 Read more »
Bangko Sentral cuts banks’ reserve ratio by 250 bpsThe Bangko Sentral ng Pilipinas emphasizes that the lower reserve requirements do not constitute any shift in its monetary policy settings.
Source: rapplerdotcom - 🏆 4. / 86 Read more »
Policy tracks, goals of MIF are solid, says House leader Salceda | Jasper Y. ArcalasTHE chairman of the House Ways and Means committee on Wednesday defended the Maharlika Investment Fund (MIF) bill, which Congress approved before adjourning sine die, from criticism by 21 faculty members of the UP School of Economics (UPSE) who described it as “beyond repair.” Albay 2nd District Rep. Joey Sarte…
Source: BusinessMirror - 🏆 19. / 59 Read more »
DOF sees inflation easing into range by September | Jasper Y. ArcalasTHE fourth consecutive month of inflation slowdown in May “gives” confidence that the rate would be within the government’s target range of two to four percent by September, the Department of Finance (DOF) said. “The new inflation number and the declining trend give confidence that inflation would be within the…
Source: BusinessMirror - 🏆 19. / 59 Read more »
Investors’ asking rates for Treasury bonds go low | Jasper Y. ArcalasTHE Bureau of Treasury (BTr) on Tuesday raised P25 billion from the auction of Treasury bonds (T-bonds), marking the seventh straight week of full award, as investors’ asking rates were lower than the original coupon rate. The Treasury said its auction committee decided to make a full award after the…
Source: BusinessMirror - 🏆 19. / 59 Read more »
BPI sees lending to SMEs to grow on tepid inflation | Jasper Y. ArcalasTHE Bank of the Philippine Islands (BPI) sees its loan book for small enterprises expanding by 10 percent this year on the back of stronger consumer confidence driven by the country’s stable economic performance and easing inflation. Dominique R. Ocliasa, head of BPI Business Banking, said his segment’s loan book…
Source: BusinessMirror - 🏆 19. / 59 Read more »