The Philippine central bank said Friday that it approved three adjustments to reserve requirement policy, including a three percentage point reduction in reserve requirement ratio.
The Bangko Sentral ng Pilipinas (BSP) said the operational changes should not affect banks' lending and deposit rates or their service fees. The adjustments will take effect on April 6.
The central bank unified the existing statutory reserve requirement and liquidity reserve requirement into a single set of reserve requirement. It excluded vault cash for banks as eligible form of reserve requirement compliance. Also, the central bank announced the non-remuneration of banks' reserve deposit with BSP.
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