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Philippine c.bank to cut bank RRR by 200 basis points May to July

Published 05/16/2019, 04:25 PM
Updated 05/16/2019, 04:30 PM
Philippine c.bank to cut bank RRR by 200 basis points May to July

MANILA, May 16 (Reuters) - The Philippine central bank
announced on Thursday a two percentage point cut in the reserve
requirement ratio (RRR) for banks, which will take effect in
three stages between May and July.
The first 100 basis point cut in RRR will take effect on May
31, another 50 basis point cut on June 28 and last 50 basis
point cut on July 26, Governor Benjamin Diokno said in a text
message.
The reduction will bring the ratio to 16 percent. The move is
expected to free up around 190 billion Philippine pesos ($3.62
billion) of additional liquidity into the financial system, the
central bank said.
($1 = 52.5200 Philippine pesos)

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