Central Banking

Philippine monetary board OKs liquidity facility

PHILIPPINES - The Monetary Board, the policy-making body of the Philippine central bank, has approved the establishment of an inter-day liquidity facility to help banks in their financing requirements with the enforcement of the real-time gross settlement, said Central Bank Governor Rafael Buenaventura.

The plan allows the payment of obligations on real time, eliminating the three-day float to effect a financial transaction between banks and clients.

Buenaventura said the facility is aimed at

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