Home Editor's Picks Philippines to Cut Banks’ Reserve Ratio by 200 Bps, Diokno Says

Philippines to Cut Banks’ Reserve Ratio by 200 Bps, Diokno Says

by Fuel Your Portfolio
imageEconomy2 hours ago (Mar 24, 2020 12:50AM ET)

(Bloomberg) — The Philippine central bank will cut lenders’ reserve requirement ratio by 200 basis points, Governor Benjamin Diokno said, a day after announcing a plan to buy 300 billion pesos ($5.86 billion) worth of government debt.

“The reduction is intended to calm the financial markets and encourage banks to continue lending to both the retail and corporate sectors,” Diokno said in a mobile phone message.

The cut, which will bring big banks’ required reserve ratio to 12%, will take effect on March 30, he said.

(C)2020 Bloomberg L.P.

Philippines to Cut Banks’ Reserve Ratio by 200 Bps, Diokno Says

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