Philippine central bank cuts lenders’ reserve requirements
Move comes after BSP paused monetary tightening in May
The Central Bank of the Philippines (BSP) cut the amount of deposits lenders must hold as reserves, it announced on June 8.
The BSP will cut the reserve requirement ratio (RRR) for most banks and non-bank financial institutions by 250 basis points, from 12% to 9.5%.
It will also lower the RRR for digital banks by 200bp to 6%. The measure will cut thrift banks’ reserve requirements to 2% and rural and co-operative banks to 1%. All the measures will take effect from June 30.
The central bank
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