In a statement, the BSP said the Monetary Board has approved the reduction in the reserve requirement ratio (RRR) of Philippine banks, effective Oct. 25.
The regulator slashed the RRR for universal and commercial banks as well as non-bank financial institutions with quasi-banking functions (NBQBs) by 250 basis points, to seven percent from the current level of 9.5 percent.
The RRR for digital banks was likewise slashed by 200 basis points to four percent from six percent.
Furthermore, the level of deposits mid-sized or thrift banks are required to keep with the BSP was lowered by 100 basis points to one percent from two percent.
This story is from the September 21, 2024 edition of The Philippine Star.
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This story is from the September 21, 2024 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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