The 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
In a statement, the BSP said it cut the RRR of the big banks and non-bank financial institutions by 250 basis points , digital banks by 200 bps, and 100 bps for thrift banks, rural and cooperative banks.
The cut in the RRR will unleash fresh funds in the financial system of as much as P300 billion that the BSP will have to mop up using its open market operations such as the weekly term deposits and securities auctions, and the reverse repurchase facility, among others. “The BSP emphasizes that the lower reserve requirements do not constitute any shift in the BSP’s monetary policy settings,” said the BSP.
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